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Home Market Watch – March

Apr 14th, 2020 | jfinney@talktotucker.com

Central Indiana home prices continued to increase in March, even with a slight decrease in home sales

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company showed Central Indiana home sales decreased slightly in March 2020; however, home prices continued to increase and inventory continued to decrease. Pended home sales decreased 3.5 percent, but the average home sale price for the 16-county central Indiana region in March was $239,714, an increase of 9.8 percent. The year-to-date average home sale price also increased, by 8.8 percent, to $229,889. Home inventory decreased by 9.9 percent, compared to this time last year.

In March 2020, 3,540 central Indiana homes were purchased, down 3.5 percent from the 3,668 sold in March 2019. Specifically: 

  • Jennings County once again showed the most growth in homes sold with a 16.7 percent increase in March 2020 compared to March 2019. 
  • Jackson County pended sales, however, decreased with 15.1 percent fewer homes sold last month compared to March 2019.

Year-to-date home sale prices increased, and homes also left the market more quickly compared to this time last year.

  • Brown County recorded the highest average year-to-date home sale price increase at 35 percent compared to March 2019.
  • Boone County had the highest average year-to-date home sale price in the region at $356,860.
  • Homes sold in 50 days on average, 5.7 percent faster than year-to-date 2019. Jennings County homes left the market at 34 days on average, the fastest of the 16-county central Indiana area.

Inventory decreased 9.9 percent last month, with 4,398 homes listed in March 2020. That represents 483 fewer homes available for sale than in March 2019.

  • Jackson County once again experienced the highest increase in inventory with 61.3 percent more listings than March 2019.
  • Decatur County inventories dropped the most at 38.3 percent compared to this time last year.

“Despite the financial uncertainties brought about by the COVID-19 pandemic, the Central Indiana real estate market remained active in March,” said Jim Litten, CEO of F.C. Tucker Company. “Inventory continues to remain low, prompting a continued increase in home sale prices.”  

Of the pended home sales in the region last month, 1 was priced $2,000,000 or higher; 18 were priced $1,000,000 to $1,999,999; 168 were priced $500,000 to $999,999; 651 were priced $300,000 to $499,999; 961 were priced $200,000 to $299,999; 1,361 were priced $100,000 to $199,999; and 380 were priced at $99,999 or less.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

CountyMarch 2019March 2020Month-to-month % ChangeYear-to-date
% Change
Bartholomew991023.0%8.9%
Boone1241358.9%17.4%
Brown26260.0%28.6%
Decatur2826-7.1%26.1%
Hamilton718664-7.5%6.5%
Hancock137119-13.1%0.3%
Hendricks291264-9.3%6.7%
Jackson5345-15.1%-8.6%
Jennings182116.7%54.8%
Johnson2822840.7%6.0%
Madison164148-9.8%-3.6%
Marion1,4701,444-1.8%5.6%
Montgomery46496.5%12.0%
Morgan10599-5.7%21.1%
Putnam515711.8%9.2%
Shelby56571.8%2.3%
TOTAL3,6683,540-3.5%6.5%

ACTIVE LISTINGS – INVENTORY

CountyMarch 2019March 2020% Change
Bartholomew148146-1.4%
Boone208175-15.9%
Brown9078-13.3%
Decatur6037-38.3%
Hamilton1,082910-15.9%
Hancock201144-28.4%
Hendricks2862932.4%
Jackson315061.3%
Jennings28307.1%
Johnson283249-12.0%
Madison257226-12.1%
Marion1,8171,707-6.1%
Montgomery77826.5%
Morgan170129-24.1%
Putnam7871-9.0%
Shelby65719.2%
TOTAL4,8814,398-9.9%

AVERAGE SALE PRICE

CountyYTD
March 2019
YTD
March 2020
% Change
Bartholomew$196,876$219,74111.6%
Boone$337,242$356,8605.8%
Brown$203,853$275,21835.0%
Decatur$140,801$160,69414.1%
Hamilton$328,590$348,4606.0%
Hancock$212,718$227,6247.0%
Hendricks$231,010$246,4256.7%
Jackson$126,842$147,70016.4%
Jennings$110,500$133,58520.9%
Johnson$218,436$224,0422.6%
Madison$118,479$126,7607.0%
Marion$167,771$187,44111.7%
Montgomery$123,851$147,04318.7%
Morgan$191,014$198,2883.8%
Putnam$170,784$163,398-4.3%
Shelby$138,361$160,44416.0%
TOTAL$211,381$229,8898.8%
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