Housing inventory drops nearly 50 percent as central Indiana’s residential real estate market experiences a dynamic month - Market Watch Aug. 2020

Monthly real estate stats from F.C. Tucker Company showed a dramatic decrease in housing inventory throughout central Indiana as part of a dynamic August 2020 residential real estate market:

• Pended home sales increased 13.2 percent.
• The average August home sale price for the 16-county central Indiana region was $259,932 an increase of 11.1 percent.
• The year-to-date average home sale price increased by 9.2 percent, to $246,726.
• Available housing inventory dropped 49.4 percent compared to August 2019.

In August 2020, 4,334 central Indiana homes were purchased, up 13.2 percent from the 3,830 sold in August 2019. Specifically:

• Putnam County showed the greatest increase in the number of homes sold with 40.8 percent growth, compared to August 2019.
• Jennings County pended sales, however, had the greatest decrease with 10 percent fewer homes sold in August 2020 compared to August 2019. Decatur County was the only other county with a decrease in the number of homes sold this past month.

Year-to-date home sales continued to increase, and homes also left the market more quickly compared to this time last year.

• Jackson County recorded the highest average year-to-date home sale price increase at 3 percent compared to August 2019.
• Boone County had the highest average year-to-date home sale price in the region at $362,549.
• Homes sold in 36 days on average, 7.7 percent faster than year-to-date 2019. Jackson County homes left the market 14 days faster than this time last year – the greatest decrease of the 16-county central Indiana area.

Inventory decreased an unprecedented 49.4 percent last month, with only 3,326 homes listed in August 2020. That represents 3,253 fewer homes available for sale than in August 2019.

• All central Indiana counties experienced significant double-digit drops in housing inventory. Bartholomew County had the lowest inventory decrease –28.1 percent – compared to August 2019.
• Brown County inventory decreased 61 percent compared to this time last year – the greatest decrease in central Indiana. Ten other central Indiana counties also experienced housing inventory decreases 50 percent or higher.

“We’ve never experienced such interesting trends in residential real estate as we have during the summer of 2020,” said Jim Litten, CEO of   F.C. Tucker Company. “Once again in August, the market remained very active, with homes selling quickly and for increased prices. However, fewer people are putting their homes on the market, creating an unprecedented shortage of homes available for sale.”
Of the pended home sales in the region last month, 5 were priced $2,000,000 or higher; 41 were priced $1,000,000 to $1,999,999; 256 were priced $500,000 to $999,999; 917 were priced $300,000 to $499,999; 1,254 were priced $200,000 to $299,999; 1,434 were priced $100,000 to $199,999; and 427 were priced at $99,999 or less.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY

AVERAGE SALE PRICE

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With approximately $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.