May 2021 residential real estate market strong going into summer - Market Watch May 2021

One full year after central Indiana real estate began to see
unprecedented activity, home prices continue their double-digit increase.

INDIANAPOLIS – The May residential real estate market continued its trend of high activity going into the summer. Monthly real estate statistics from F.C. Tucker Company revealed that pended home sales decreased 0.9 percent compared to May 2020, which was one of central Indiana’s busiest years ever for residential real estate. In addition, year-to-date home prices increased 14.1 percent, and available housing inventory decreased 51.6 percent compared to this time last year.

• The average May 2021 home sale price for the 16-county central Indiana region was $290,550, an increase of 18.4 percent.
• Available housing inventory dropped 51.6 percent compared to May 2020.
• Pended home sales decreased 0.9 percent compared to this time last year.

In May 2021, 4,303 central Indiana homes were purchased, down 0.9 percent from the 4,340 sold in May 2020. Specifically:

• Montgomery County showed the greatest increase in pended home sales with 16.4 percent growth compared to May 2020.
• Morgan County pended sales had the greatest decrease with 20.4 percent fewer homes sold in May 2021 compared to this time last year.

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

• Shelby County recorded the highest average year-to-date home sale price increase at 28.5 percent.
• Boone County had the highest average home sale price in the region at $409,019.
• Homes sold in 24 days on average, 44.2 percent faster than in 2020. Putnam County homes left the market 46 days faster than in May 2020 - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 51.6 percent decrease in home inventory in May 2021. That represents 2,029 fewer homes available for sale than in May 2020. Every county saw home inventory decreases, and 11 of the 16 counties saw inventory decreases of 41 percent or higher.

• Decatur County had the lowest inventory decrease – 9.4 percent – compared to May 2020.
• Hamilton County inventory decreased the most significantly in central Indiana – 73.9 percent – compared to this time last year.

“May continues to follow the trend of an extremely active and fast-moving residential real estate market that we’ve been experiencing for a full year now,” said Jim Litten, CEO of F.C. Tucker Company. “Buyers continue to see a great deal of competition for available homes in central Indiana, and I anticipate that trend will continue through the summer.”
 
 
Of the pended home sales in the region last month, 7 were priced $2,000,000 or higher; 35 were priced $1,000,000 to $1,999,999; 319 were priced $500,000 to $999,999; 998 were priced $300,000 to $499,999;   1,382 were priced $200,000 to $299,999; 1,252 were priced $100,000 to $199,999; and 310 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 June 7, 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.