Residential real estate market in central Indiana finishes summer strong - Market Watch Aug 2021

Slight inventory increase fuels a boost in August home sales, price increase.

INDIANAPOLIS – Fueled by a slight increase in housing inventory in some areas, central Indiana’s residential real estate market ended the summer on a strong note – with robust home sales and price increases. Monthly real estate statistics from F.C. Tucker Company revealed that August’s pended home sales increased 3.5 percent compared to August 2020. In addition, year-to-date home prices increased 13 percent, and available housing inventory decreased 15.2 percent compared to this time last year.

• The average August 2021 home sale price for the 16-county central Indiana region was $285,886, an increase of 10 percent.
• Pended home sales also increased, up 3.5 percent compared to this time last year.
• Available housing inventory decreased 15.2 percent compared to August 2020.

In August 2021, 4,484 central Indiana homes were purchased, up 3.5 percent from the 4,334 sold in August 2020. Specifically: 

• Jennings County showed the greatest increase in pended home sales with 66.7 percent growth compared to August 2020.
• Decatur County pended sales had the greatest decrease with 37.8 percent fewer homes sold in August 2021 compared to this time last year.

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

• Madison County recorded the highest average year-to-date home sale price increase at 25.1 percent.
• Boone County had the highest average home sale price in the region at $423,794.
• Homes sold in 19 days on average, 47.2 percent faster than in 2020. Putnam County homes left the market 37 days faster than in August 2020 - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 15.2 percent decrease in available home inventory in August 2021. That represents 506 fewer homes available for sale than in August 2020. Ten of 16 central Indiana counties continued to see inventory decreases.

• Shelby County had the largest inventory increase – up a significant 72.7 percent compared to August 2020.
• Hamilton County inventory continued to experience the greatest decrease in central Indiana – down 42.9 percent – compared to this time last year.

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“Some central Indiana counties saw inventory increases during the month of August, further boosting home sales and increased sale prices,” said Jim Litten, CEO of F.C. Tucker Company. “While we may continue to see a slight increase in available housing inventory, I expect the strong seller’s market to continue through the end of the year and into 2022.”

Of the pended home sales in the region last month, 5 were priced $2,000,000 or higher; 52 were priced $1,000,000 to $1,999,999; 300 were priced $500,000 to $999,999; 1,091 were priced $300,000 to $499,999;   1,463 were priced $200,000 to $299,999; 1,268 were priced $100,000 to $199,999; and 305 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 September 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

Founded in 1918, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than $5 billion in annual sales, more than 40 offices, and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. F.C. Tucker’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. We have earned a reputation for our exceptional service, experienced sales associates and “Golden Rule” commitment to clients and employees. In 2021, F.C. Tucker formed a partnership with Pittsburgh-based Howard Hanna Real Estate Services, the nation’s largest independently owned real estate brokerage firm, furthering each company’s ability to provide best-in-class service and enhance the real estate experience for clients by providing best-in-class agents, products and services. For more information, visit talktotucker.com

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