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Your Home Market Watch – October

Nov 21st, 2018 | jfinney@talktotucker.com

Central Indiana home sales increase 1.0 percent in October

F.C. Tucker reports growth in inventory for the first time in three years

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market bounced back slightly in pended sales last month. October 2018 pended sales increased 1.0 percent compared to October 2017 while the average year-to-date sale price for the 15-county Central Indiana region increased 7.3 percent to $213,647.

As the number of houses for sale increased for the first time since 2015, sellers still sold homes for higher prices and faster than this time last year. In October 2018, 3,015 Central Indiana homes were purchased, up from 2,984 sold in October 2017. Specifically:

  • Morgan County showed the most growth in homes sold with a 27.9 percent increase in October 2018 compared to October 2017.
  • Montgomery County pended sales, however, decreased the most once again at 28.6 percent compared to October 2017.

In keeping with this year’s trend, homes sold more quickly and for more money in October, 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 $320,888. Jennings County experienced the highest price increase compared to year-to-date 2017 at 13.2 percent.
  • Homes sold in 41 days on average, 19 days and 31.7 percent faster than January to October last year. Marion County’s homes remain the fastest-selling in the market at only 34 days.

Inventory increased for the first time since March 2015, with 365 more homes listed than this time last year, the smallest decrease this year. In October 2018, inventory stood at 6,996 homes, an increase of 5.5 percent compared to October 2017.

  • Hancock County experienced the highest increase in inventory, with 17 percent more listings than October 2017.
  • Jennings County’s inventory dropped the most at 30.4 percent compared to October 2017.

“While we’re excited to see an increase in inventory last month, we still need to strive to consistently increase inventory numbers” said Jim Litten, CEO of F.C. Tucker Company. “Central Indiana benefits from affordability and a good economy with high consumer confidence and lots of jobs, meaning no matter the interest rates or inventory numbers we still offer a strong housing market.”

Of the pended home sales in the region last month, one was priced $2,000,000 or higher; 21 were priced $1,000,000 to $1,999,999; 111 were priced $500,000 to $999,999; 452 were priced $300,000 to $499,999; 636 were priced $200,000 to $299,999; 1,271 were priced $100,000 to $199,999; and 523 were priced at $99,999 or less.

 

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

ACTIVE LISTINGS – INVENTORY  

AVERAGE SALE PRICE

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