Low mortgage interest rates and decreasing inventory continue to fuel active residential real estate market in June - Market Watch June 2021

Seller’s market shows no signs of slowing this summer

INDIANAPOLIS – The June residential real estate market continued the trend of decreasing inventory, increasing prices and homes selling quickly. Monthly real estate statistics from F.C. Tucker Company revealed that pended home sales decreased 3.4 percent compared to June 2020. In addition, year-to-date home prices increased 14.1 percent, and available housing inventory decreased 36.9 percent compared to this time last year.

• The average June 2021 home sale price for the 16-county central Indiana region was $288,118, an increase of 14.3 percent.
• Available housing inventory dropped 36.9 percent compared to June 2020.
• Pended home sales decreased 3.4 percent compared to this time last year.

In June 2021, 4,391 central Indiana homes were purchased, down 3.4 percent from the 4,546 sold in June 2020. Specifically:

• Madison County showed the greatest increase in pended home sales with 19.1 percent growth compared to June 2020.
• Decatur County pended sales had the greatest decrease with 29.3 percent fewer homes sold in June 2021 compared to this time last year.

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

• Shelby County recorded the highest average year-to-date home sale price increase at 27.2 percent.
• Boone County had the highest average home sale price in the region at $413,077.
• Homes sold in 22 days on average, 46.3 percent faster than in 2020. Putnam County homes left the market 39 days faster than in June 2020 - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 36.9 percent decrease in home inventory in June 2021. That represents 1,330 fewer homes available for sale than in June 2020. Thirteen of 16 central Indiana counties continued to see inventory decreases, with six counties experiencing decreases of 51.8 percent or higher.

• Shelby County had the largest inventory increase – 16.7 percent – compared to June 2020.
• Hamilton County inventory decreased the most significantly in central Indiana – down 62.3 percent – compared to this time last year.

“Low mortgage interest rates and a decrease in housing inventory have resulted in our active residential real estate market continuing into the summer months,” said Jim Litten, CEO of F.C. Tucker Company. “Despite the slight increase in price, homes continue to sell quickly – a trend we expect to continue throughout the second half of 2021.”
  Of the pended home sales in the region last month, 5 were priced $2,000,000 or higher; 40 were priced $1,000,000 to $1,999,999; 339 were priced $500,000 to $999,999; 1,050 were priced $300,000 to $499,999;   1,434 were priced $200,000 to $299,999; 1,225 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 July 6, 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.