Home sales in central Indiana decrease 3.2 percent in November

Sale prices continue to grow while inventory increased for the second time this year
 
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market experienced a decline in pended sales last month. November 2018 pended sales decreased 3.2 percent compared to November 2017 while the average year-to-date sale price for the 15-county Central Indiana region increased 7.4 percent to $214,075.
 
Homebuyers quickly purchased available homes as sale prices increased and inventory increased for the second month in a row. In November 2018, 2,478 central Indiana homes were purchased, down from 2,559 sold in November 2017. Specifically:

• Shelby County showed the most growth in homes sold with a 28.6 percent increase in November 2018 compared to November 2017.
• Brown County pended sales, however, decreased the most at 30 percent compared to November 2017.

 
As they have all year, homes sold more quickly and for more money in November, signaling that it’s still a strong seller’s market.

• Of the 15 counties F.C. Tucker tracks, all showed an increase in average year-to-date home prices.
• Hamilton County maintains the highest average home price at $322,105, with Boone County close behind at $321,017. Jennings County once again experienced the highest price increase compared to year-to-date 2017 at 13.8 percent.
• Homes sold in 41 days on average, 19 days and 31.7 percent faster than January to November last year. Marion County’s homes remain the fastest-selling in the market at only 34 days.

 
Inventory increased once again last month, with 445 more homes listed than this time last year. In November 2018, inventory stood at 6,447 homes, an increase of 7.4 percent compared to November 2017.

• Morgan County experienced the highest increase in inventory, with 23.8 percent more listings than November 2017.
• Jennings County’s inventory dropped the most at 23.9 percent compared to November 2017.

 
“As the housing market slows down due to weather and the holidays, inventory increased again last month,” said Jim Litten, CEO of F.C. Tucker Company. “We might see inventory increase to a four-month supply early next year, but buyers should be cautious as it will decrease again once the weather improves and home buying picks back up.”
 
Of the pended home sales in the region last month, none were priced $2,000,000 or higher; eight were priced $1,000,000 to $1,999,999; 99 were priced $500,000 to $999,999; 371 were priced $300,000 to $499,999; 513 were priced $200,000 to $299,999; 1,029 were priced $100,000 to $199,999; and 457 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 December 17, 2018. Because of delayed processing through other agencies or boards, these numbers are subject to change.
• “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.
• “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.

●      For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby.