Fast-moving residential real estate market continues in July - Market Watch July 2021

Historic lows for mortgage interest rates fuel dynamic seller’s market

​INDIANAPOLIS – July’s residential real estate market continued to see homes selling very quickly, despite another increase in housing prices. Monthly real estate statistics from F.C. Tucker Company revealed that July’s pended home sales decreased 4.6 percent compared to July 2020. In addition, year-to-date home prices increased 13.6 percent, and available housing inventory decreased 26 percent compared to this time last year.

• The average July 2021 home sale price for the 16-county central Indiana region was $299,118, an increase of 13.2 percent.
• Available housing inventory decreased 26 percent compared to July 2020.
• Pended home sales decreased 4.6 percent compared to this time last year.

In July 2021, 4,258 central Indiana homes were purchased, down 4.6 percent from the 4,462 sold in July 2020. Specifically:

• Jennings County showed the greatest increase in pended home sales with 60 percent growth compared to July 2020.
• Jackson County pended sales had the greatest decrease with 31.4 percent fewer homes sold in July 2021 compared to this time last year.

The July sale price of homes in central Indiana continued to increase:

• Shelby County recorded the highest average year-to-date home sale price increase at 28 percent.
• Boone County had the highest average home sale price in the region at $425,288.
• Homes sold in 20 days on average, 47.4 percent faster than in 2020. Putnam County homes left the market 34 days faster than in July 2020 - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 26 percent decrease in available home inventory in July 2021. That represents 897 fewer homes available for sale than in July 2020. Thirteen of 16 central Indiana counties continued to see inventory decreases.

• Shelby County had the largest inventory increase – up 48.3 percent compared to July 2020.
• Hamilton County inventory experienced the greatest decrease in central Indiana – down 57.7 percent – compared to this time last year.

 
“As expected, the fast-moving residential real estate market has continued into the summer, fueled by mortgage interest rates that remain at all-time lows,” said Jim Litten, CEO of F.C. Tucker Company. “Available housing inventory is increasing slightly, but the seller’s market will remain for the foreseeable future.”
 
Of the pended home sales in the region last month, 6 were priced $2,000,000 or higher; 42 were priced $1,000,000 to $1,999,999; 319 were priced $500,000 to $999,999; 1,017 were priced $300,000 to $499,999;   1,357 were priced $200,000 to $299,999; 1,219 were priced $100,000 to $199,999; and 298 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 August 5, 2021. 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

With more than $5 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.

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