Residential real estate seller’s market alive and well in February

3/15/2021

Inventory declines in central Indiana, fueling continued increase in home sale prices

INDIANAPOLIS – Residential real estate continued to experience a seller’s market in central Indiana during February, amid decreasing inventory and increasing prices. Monthly real estate statistics from F.C. Tucker Company revealed that year-to-date home prices increased 12.9 percent, while available housing inventory decreased 56.8 percent.

The average February 2021 home sale price for the 16-county central Indiana region was $255,267, an increase of 12 percent.
Available housing inventory dropped 56.8 percent compared to February 2020.
Pended home sales decreased 19.7 percent compared to this time last year.

In February 2021, 2,714 central Indiana homes were purchased, down 19.7 percent from the 3,379 sold in February 2020. Specifically:

Madison County showed the greatest increase in pended home sales with 10.1 percent growth, compared to February 2020, and the only county in the 16-county area with an increase in the number of pending home sales compared to this time last year.
Jennings County pended sales had the greatest decrease with 54.2 percent fewer homes sold in February 2021 compared to this time last year.

Home sale prices continued their upward climb in February:

Jennings County recorded the highest average year-to-date home sale price increase at 48.2 percent.
Hamilton County had the highest average home sale price in the region at $383,232.
Homes sold in 30 days on average, 40 percent faster than in 2020. Putnam County homes left the market 48 days faster than this time last year - the greatest decrease of the 16-county central Indiana area.

Central Indiana experienced a 56.8 percent decrease in home inventory in February 2021. That represents 2,384 fewer homes available for sale than in February 2020. Every county saw home inventory decreases of 20.7 percent or higher, and 12 of the 16 counties saw inventory decreases of 56 percent or higher.

Jennings County had the lowest inventory decrease – 20.7 percent – compared to February 2020.
Montgomery County inventory decreased the most significantly in central Indiana – 79.8 percent – compared to this time last year.

“As central Indiana’s housing inventory remains tight in 2021, we continue to experience a seller’s market with housing prices steadily increasing,” said Jim Litten, CEO of F.C. Tucker Company. “Late spring and summer 2020 were extremely active, so it will be interesting to see how this year's progress holds up against that fast- moving market.”
Of the pended home sales in the region last month, 3 were priced $2,000,000 or higher; 22 were priced $1,000,000 to $1,999,999; 188 were priced $500,000 to $999,999; 586 were priced $300,000 to $499,999; 738 were priced $200,000 to $299,999; 868 were priced $100,000 to $199,999; and 309 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 March 5, 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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