March’s residential real estate market “comes in like a lion” with increases in both home sales and prices - Market Watch March 2021

Low inventory continues to impact central Indiana housing prices

INDIANAPOLIS – Central Indiana’s March residential real estate market continued to strengthen with robust home sales and increasing prices. Monthly real estate statistics from F.C. Tucker Company revealed that year-to-date home prices increased 10.6 percent, while available housing inventory decreased 61.1 percent.

• The average March 2021 home sale price for the 16-county central Indiana region was $259,298, an increase of 8.2 percent.
• Available housing inventory dropped 61.1 percent compared to March 2020.
• Pended home sales increased 6.9 percent compared to this time last year.

In March 2021, 3,786 central Indiana homes were purchased, up 6.9 percent from the 3,540 sold in March 2020. Specifically:

• Hancock County showed the greatest increase in pended home sales with 44.5 percent growth compared to March 2020.
• Putnam County pended sales had the greatest decrease with 22.8 percent fewer homes sold in March 2021 compared to this time last year.

Home sale prices continued their upward climb in March:

• Shelby County recorded the highest average year-to-date home sale price increase at 66.1 percent.
• Hamilton County had the highest average home sale price in the region at $384,240.
• Homes sold in 29 days on average, 42 percent faster than in 2020. Jackson County homes left the market 52 days faster than in March 2020 - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 61.1 percent decrease in home inventory in March 2021. That represents 2,687 fewer homes available for sale than in March 2020. Every county saw home inventory decreases of 23.3 percent or higher, and 12 of the 16 counties saw inventory decreases of 62.5 percent or higher.

• Jennings County had the lowest inventory decrease – 23.3 percent – compared to March 2020.
• Hendricks County inventory decreased the most significantly in central Indiana – 78.8 percent – compared to this time last year.

 
“Despite the dramatic decreases in inventory, home sales continued at a brisk pace in March,” said Jim Litten, CEO of F.C. Tucker Company. “With spring and summer typically being a busy time for the residential real estate market, it will be interesting to see if this seller’s market continues its upward climb during the next few months.”
 
Of the pended home sales in the region last month, 1 was priced $2,000,000 or higher; 38 were priced $1,000,000 to $1,999,999; 286 were priced $500,000 to $999,999; 844 were priced $300,000 to $499,999;    1,091 were priced $200,000 to $299,999; 1,189 were priced $100,000 to $199,999; and 337 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 April 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.

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