Central Indiana Home Sales Start The New Year Strong - Market Watch Jan. 2020

2/11/2020

Central Indiana home sales start the new year strong – up 14.1 percent –
as prices continue to rise and inventory decreases

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that 2020 is off to a strong start with increases in both home sales and home prices in Central Indiana, while homes also continue to leave the market more quickly. The January 2020 average home sale price for the 16-county central Indiana region increased to $217,886 compared to this time last year. Pended home sales increased 14.1 percent, and home inventory decreased by 11.9 percent.

In January 2020, 3,001 central Indiana homes were purchased, up 14.1 percent from the 2,631 sold in January 2019. Specifically:

Jennings County showed the most growth in homes sold with a 100 percent increase in January 2020 compared to January 2019.
Johnson County pended sales, however, decreased with 4.3 percent fewer homes sold last month compared to January 2019.

Home sale prices continued their upward climb, and homes also left the market more quickly compared to this time last year.

Brown County recorded the highest average home sales price increase at 76.9 percent compared to January 2019.
Hamilton County had the highest average home price in the region at $349,822.
Homes sold in 48 days on average, 4 percent faster than year-to-date 2019. Marion County homes left the market at 40 days on average, the fastest of the 16-county central Indiana area.

Inventory decreased 11.9 percent last month, with 4,652 homes listed in January 2020. That represents 627 fewer homes available for sale than in January 2019.

Jackson County once again experienced the highest increase in inventory with 90.3 percent more listings than January 2019.
Hancock County inventories dropped the most at 22.2 percent compared to this time last year.

"Overall, central Indiana saw a very strong start to the 2020 housing market,” said Jim Litten, CEO of F.C. Tucker Company. “Consumer confidence remains high and mortgage rates are low, which means we will continue to see a lack of housing inventory and increased home sale prices for most of the year.”

Of the pended home sales in the region last month, 22 were priced $1,000,000 or higher; 134 were priced $500,000 to $999,999; 487 were priced $300,000 to $499,999; 738 were priced $200,000 to $299,999; 1,162 were priced $100,000 to $199,999; and 427 were priced at $99,999 or less.

Editor’s Notes:

All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on February 5, 2020. Because of delayed processing through other agencies or boards, these numbers are subject to change.
Effective April 7, 2019, data from MIBOR only reports on single family homes and excludes condo sales. F.C. Tucker will continue to include condo sales in this report.
“Pending” means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.
“Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer is a status in the BLC® listing service in order to present a true picture in advertising and marketing. Those listings that were in the "Active with Contingency" status have been moved from the "Active" status to the "Pending" status.
For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report tracking Jackson County data was pulled August 7, 2019.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY

AVERAGE SALE PRICE

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With more than $4 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees. For more information, visit talktotucker.com.