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Central Indiana home sales up 14.3 percent year to date

With 2,151 pended sales in August in Central Indiana, overall year-to-date home sales are up 14.3 percent compared to this time period last year, according to statistics compiled by F.C. Tucker Company.

On a monthly basis, August 2012 pended home sales rose 5.4 percent over August 2011, an increase of 111 homes sold in the nine counties that F.C. Tucker tracks. Five of the nine counties reported increased sales, and one county reported level sales, compared to August 2011.

“A good healthy housing market fuels the entire economy,” said Jim Litten president of F.C. Tucker Company.  “Central Indiana has benefitted from low interest rates and housing affordability, making the region one of the best in the country for affordability which leads to increased home sales.”

In August, Madison County saw the largest increase in pended home sales which spiked 57.7 percent, raising the number of pended home sales to 175 from 111 in August 2011. Morgan and Hamilton counties also experienced increases of 11.8 and 9.9 percent, respectively, over August 2011. Johnson County saw the biggest decline, decreasing 19.1 percent from August of last year. Boone and Shelby counties also experienced decreases, 9.1 percent and 2.4 percent respectively.

Available homes for sale in the nine-county region dropped 13.8 percent in August 2012 with 13,212 homes on the market, 2,109 fewer than in August 2011. Nine Central Indiana counties experienced varying inventory declines with Johnson County experiencing the greatest decrease in inventory at 18 percent. Madison County’s inventory remained the most stable, declining 3.7 percent.

Overall, year-to-date sales prices for the nine-county Central Indiana area increased by 2.4 percent. Tucker’s data indicates that six counties experienced slightly higher home sales prices than in August 2011. Year-to-date, Morgan County led the way with a 11 percent increase in home sales prices, while Boone, Madison, Johnson, Marion and Hendricks counties also reported gains. Hancock County saw the largest decline at 2.4 percent. Hamilton and Shelby counties also experienced slight decreases. The average year-to-date sales price for a home in the nine-county area was $156,105.

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