Market Watch - March 2018
Central Indiana home sales jump 17.6 percent in March
After last month’s pended sales declined, housing sales and prices are now rising
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market is on the rise once again. March 2018 pended sales increased 17.6 percent compared to March 2017 while the average year-to-date sales price for the 15-county Central Indiana region increased 7.6 percent to $199,995.
Despite the increasingly lower number of available homes for purchase, every county saw an increase in pended sales as homes left the market faster. Pended sales went from 3,605 Central Indiana homes purchased in March 2017 to 4,240 in March 2018. Specifically:
Putnam County showed the most growth in homes sold with an unprecedented 100 percent increase in March 2018 compared to March 2017.
Eight of the 15 counties tracked experienced at least 30 percent more sales than this time last year.
On average, homes sold much faster and for more money in March, signaling that it’s still a seller’s market.
Of the 15 counties F.C. Tucker tracks, only Jennings County showed a decrease in average year-to-date home prices at 6.8 percent.
Hamilton County continues its streak with the highest average home prices at $312,334. Shelby County experienced the highest price increase from March 2017 to March 2018 at 21.4 percent.
Homes sold 65 days on average, 12 days and 15.6 percent faster than January to March last year. Marion County’s homes were the fastest-selling in the market at 57 days.
Listings dropped significantly this month, reaching 28 percent fewer homes for sale. In March 2018, inventory stood at 4,346 homes, a decrease of 1,693 compared to 6,039 homes in March 2017.
Bartholomew County’s inventory dropped the most at 39.5 percent, representing 107 fewer listings compared to March 2017.
While no county experienced an increase in inventory, Boone County lost the fewest listings with a 9.8 percent decrease.
“It’s peak selling season, and buyers are facing more competition as listings continue to drop lower than we’ve seen in years,” said Jim Litten, CEO of F.C. Tucker Company. “Without much new construction to add to inventory, homes that are available sell for more money than usual and much
Of the pended home sales in the region last month, none were priced $2,000,000 or higher; 18 were priced $1,000,000 to $1,999,999; 180 were priced $500,000 to $999,999; 614 were priced $300,000 to $499,999; 880 were priced $200,000 to $299,999; 1,833 were priced $100,000 to $199,999; and 715 were priced at $99,999 or less.
All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on March 16, 2018. 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. 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.
“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.