September sees 2.1 percent decrease in Central Indiana home sales
Sale prices continue to grow while pended sales decline for the third time this year
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market experienced a decline in pended sales last month. September 2018 pended sales decreased 2.1 percent compared to September 2017 while the average year-to-date sale price for the 15-county Central Indiana region increased 7.6 percent to $214,478.
Last month fewer buyers purchased homes as inventory continues to decrease. In September 2018, 3,025 Central Indiana homes were purchased, down from 3,090 sold in September 2017. Specifically:
- Decatur County once again showed the most growth in homes sold with a 45 percent increase in September 2018 compared to September 2017.
- Montgomery County pended sales, however, decreased the most at 30.6 percent compared to September 2017.
Despite fewer pended sales, on average homes sold much faster and for more money in September, signaling that it’s still a seller’s market.
- Of the 15 counties F.C. Tucker tracks, all showed an increase in average year-to-date home prices.
- Hamilton County maintains the highest average home price at $321,448. Shelby County experienced the highest price increase compared to year-to-date 2017 at 13.6 percent.
- Homes sold in 42 days on average, 18 days and 30 percent faster than January to September last year. Marion County’s homes remain the fastest-selling in the market at only 35 days.
Inventory continues to decrease, however there were just 2.5 percent fewer homes listed than this time last year, the smallest decrease this year. In September 2018, inventory stood at 6,893 homes, a decrease of 174 compared to September 2017.
- Jennings County’s inventory dropped the most at 34.4 percent compared to September 2017.
- Morgan County experienced the highest increase in inventory, with 9 percent more listings than September 2017.
“The housing market remains in sellers’ favor as we move towards the end of 2018,” said Jim Litten, CEO of F.C. Tucker Company. “While there was a slight dip in sales, sellers should be encouraged by quick sales and higher home prices, and buyers will be pleased that inventory decreased only slightly for the first time this year and offers homes at a variety of prices.”
Of the pended home sales in the region last month, two were priced $2,000,000 or higher; 14 were priced $1,000,000 to $1,999,999; 117 were priced $500,000 to $999,999; 436 were priced $300,000 to $499,999; 658 were priced $200,000 to $299,999; 1,291 were priced $100,000 to $199,999; and 507 were priced at $99,999 or less.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
ACTIVE LISTINGS – INVENTORY
AVERAGE SALE PRICE