Market Watch - January 2018
Central Indiana home sales grow 2.5 percent in January
F.C. Tucker reports continued growth in housing sales as prices maintain upward momentum
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market in Central Indiana continues to climb. January 2018 pended sales increased 2.5 percent compared to January 2017 while the average year-to-date home price for the 15-county Central Indiana region rose 6.3 percent to $192,290.
Homebuyers quickly purchased available homes as the number of houses for sale continues to decline. The new year brought only a slight increase in homeownership as sales went from 2,109 Central Indiana homes purchased in January 2017 to 2,161 in January 2018. Specifically:
Putnam County showed significant growth in homes sold with a 42.9 percent increase in January 2018 compared to January 2017. Montgomery County followed with a 37.5 percent increase.
Morgan County pended sales, in contrast, decreased by 27.9 percent compared to January 2017 with Jennings County close behind at a decrease of 26.7 percent.
Following the previous year’s trend, on average homes sold more quickly and for more money in January, signaling that it’s still a seller’s market.
Of the 15 counties F.C. Tucker tracks, 11 showed an increase in average year-to-date home prices.
Hamilton County ranked highest in average home prices for the eleventh consecutive month at $307,490 and Brown County experienced the highest price increase from January 2017 to January 2018 at 44.8 percent.
Homes sold 64 days on average in January 2018, 14 days faster than in the same month last year. Jennings County’s homes were the fastest-selling in the market at 42 days.
Listings dropped a remarkable 22.1 percent. In January 2018, inventory stood at 5,890 homes, a decrease of 1,668 compared to January 2017.
Jennings County’s inventory dropped the most at 41.5 percent, representing 27 fewer listings compared to January 2017.
Only Decatur County experienced an increase with three more listings in January 2018 than in 2017.
“The housing market remains in sellers’ favor in 2018 as prices rise and listings drop,” said Jim Litten, CEO of F.C. Tucker Company. “Despite a competitive sales environment, however, we want to reassure buyers that there are still many great housing options available at all price points.”
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; four were priced $1,000,000 to $1,999,999; 69 were priced $500,000 to $999,999; 249 were priced $300,000 to $499,999; 449 were priced $200,000 to $299,999; 925 were priced $100,000 to $199,999; and 464 were priced at $99,999 or less.
All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on February 14, 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. 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.