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March Market Update for Central Indiana

 


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Central Indiana home sales increase 5 percent in March

F.C. Tucker reports indicate positive growth in housing sales for 2017

INDIANAPOLIS – F.C. Tucker Company’s monthly real estate market stats indicated the housing market is still going strong. March 2017 pended sales were up 5 percent compared to March 2016. Similarly, the average year-to-date home price for the 15-county Central Indiana region rose 7 percent to $185,819.

Homebuyers remained steadfast as the number of houses for sale continued to decline, purchasing 3,177 homes in Central Indiana, an increase from 3,027 sold in March 2016. The majority of the counties that F.C. Tucker tracks experienced an increase in sales. Specifically:

  • Boone and Hendricks counties showed moderate growth in homes sold. Boone County’s sales increased by 15.1 percent in March 2017 compared to March 2016, and Hendricks County’s sales increased 12.8 percent.

  • Brown and Shelby counties’ pended sales, in contrast, decreased by 23.1 percent and 19.3 percent, respectively, compared to March 2016.

In keeping with the previous month’s trends, homes sold more quickly and for more money in March, signaling a strong seller’s market.

  • The average year-to-date price in the 15-county region increased 7 percent, now at $185,819.

  • Hamilton County took back the rank of highest average home price at $291,881. Boone County came in second at an average price of $282,434.  

  • Two counties showed dips in average home prices for a second month in a row. Brown County’s average home price dropped 8.1 percent, while Shelby County’s average home price declined 7.1 percent.

  • Homes sold in 77 days on average in the first quarter of 2017, 11 days quicker than this time last year. Jennings County homes remained the fastest-selling in the market at 66 days. Hendricks County homes sold in 70 days on average, and Johnson County, similarly, saw homes sell in 71 days on average.

Listings dropped a significant 18.3 percent. In March 2017, inventory stood at 7,844 homes, a decrease of 1,756 from the same time in 2016.

  • Madison County’s inventory dropped 29.8 percent, representing 159 fewer listings compared to March 2016.

  • Conversely, Jennings County alone noted an uptick in listings last month; the additional 16 homes on the market in March represented an increase of 44.4 percent.

“Due to a lack of winter, the 2017 home-selling season started about two months earlier than usual, leading to a strong housing market for spring and a positive outlook for the entire year,” said Jim Litten, CEO of F.C. Tucker Company.

Of the pended home sales in the region last month, 12 were priced $1,000,000 to $1,999,999; 111 were priced $500,000 to $999,999; 400 were priced $300,000 to $499,999; 543 were priced $200,000 to $299,999; 1,406 were priced $100,000 to $199,999; and 705 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 Apr. 14, 2017. Because of delayed processing through other agencies or boards, these numbers are subject to change.

  • “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Active listings include “Active with Contingency Status” filings, which includes homes listed as Pending First Right of Refusal and/or Backup Pendings due to Contract, Financing, Inspection or Other.

  • “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.

  • For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

 

County

March

2016

March

2017

Month-to-month % Change

Year-to-date
% Change

Bartholomew

134

109

-18.7%

-2.6%

Boone

86

99

15.1%

10.1%

Brown

26

20

-23.1%

9.1%

Decatur

30

28

-6.7%

-10.0%

Hamilton

596

584

-2.0%

3.5%

Hancock

110

111

0.9%

6.9%

Hendricks

234

264

12.8%

18.0%

Jennings

19

17

-10.5%

19.6%

Johnson

229

228

-0.4%

-1.6%

Madison

141

155

9.9%

5.9%

Marion

1,207

1,348

11.7%

7.8%

Montgomery

42

47

11.9%

0.0%

Morgan

80

81

1.3%

2.4%

Putnam

36

40

11.1%

-3.1%

Shelby

57

46

-19.3%

1.6%

TOTAL

3,027

3,177

5.0%

6.0%

ACTIVE LISTINGS – INVENTORY

County

March

2016

March

2017

% Change

Bartholomew

304

298

-2.0%

Boone

378

293

-22.5%

Brown

168

153

-8.9%

Decatur

100

95

-5.0%

Hamilton

1,590

1,557

-2.1%

Hancock

304

236

-22.4%

Hendricks

653

589

-9.8%

Jennings

36

52

44.4%

Johnson

640

523

-18.3%

Madison

533

374

-29.8%

Marion

3,963

2,965

-25.2%

Montgomery

171

134

-21.6%

Morgan

350

266

-24.0%

Putnam

207

154

-25.6%

Shelby

203

155

-23.6%

TOTAL

9,600

7,844

-18.3%

 

AVERAGE SALE PRICE

County

YTD
March 2016

YTD
March2017

% Change

Bartholomew

$168,734

$190,774

13.1%

Boone

$266,620

$282,434

5.9%

Brown

$206,224

$189,513

-8.1%

Decatur

$115,961

$134,551

16.0%

Hamilton

$272,524

$291,881

7.1%

Hancock

$164,325

$177,986

8.3%

Hendricks

$182,755

$201,097

10.0%

Jennings

$109,041

$109,903

0.8%

Johnson

$180,304

$194,456

7.8%

Madison

$89,901

$90,116

0.2%

Marion

$138,109

$149,177

8.0%

Montgomery

$86,415

$107,755

24.7%

Morgan

$148,822

$153,650

3.2%

Putnam

$109,828

$132,833

20.9%

Shelby

$130,869

$121,525

-7.1%

TOTAL

$173,690

$185,819

7.0%

 

With approximately $3.7 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.

 

 

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