Market Watch - May 2018
Real Estate Market Conditions from April 2018 data.
Central Indiana home sales rise 7.6 percent in May
F.C. Tucker reports growth in housing sales as prices maintain upward momentum
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market is on the rise once again. May 2018 pended sales increased 7.6 percent compared to May 2017 while the average year-to-date sales price for the 15-county Central Indiana region increased 8.8 percent to $209,049.
As the number of houses for sale continue to decline, homebuyers purchase available homes rapidly; 4,072 Central Indiana homes were purchased in May 2018, an increase from 3,785 sold in May 2017. Specifically:
Montgomery County showed the most growth in homes sold with a 50 percent increase in May 2018 compared to May 2017.
Shelby County pended sales, in contrast, decreased by 11.1 percent compared to May 2017.
Homes continued to sell faster and for more money in May, signaling that it’s still a strong seller’s market.
Of the 15 counties F.C. Tucker tracks, only Brown and Decatur Counties showed a decrease in average year-to-date home prices at 1.2 and 4.6 percent, respectively.
Hamilton County continues to have the highest average home prices at $319,108. Madison County experienced the highest price increase compared to year-to-date 2017 at 13.8 percent.
Homes sold in 53 days on average, 16 days and 23.2 percent faster than January to May last year. Marion County’s homes were the fastest-selling in the market at 46 days.
Listings continue to drop, reaching a 14.5 percent decrease this month. In May 2018, inventory stood at 5,238 homes, a decrease of 888 compared to May 2017.
Brown County’s and Bartholomew County’s inventories dropped the most at 30.8 and 30.9 percent, respectively, compared to May 2017.
Montgomery County was the only county to experience an increase in inventory, with 11.2 percent more listings than May 2017.
“Fewer active listings does translate to higher prices, however Central Indiana still offers homes at every price point. That’s always been one of our market’s strengths,” said Jim Litten, CEO of F.C. Tucker Company. “As we head into late summer and fall, we’d love to see more homes for sales to balance out the market.”
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; 16 were priced $1,000,000 to $1,999,999; 198 were priced $500,000 to $999,999; 683 were priced $300,000 to $499,999; 877 were priced $200,000 to $299,999; 1,722 were priced $100,000 to $199,999; and 575 were priced at $99,999 or less.
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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.