Home inventory in central Indiana increases 9.3 percent in December
The average sale price increased 7.4 percent and pended sales increased 0.9 percent in 2018
Monthly real estate stats from F.C. Tucker Company indicate that the housing market experienced an increase in home inventory last month and a slight incline in pended sales overall in 2018. December 2018 pended sales decreased 4.8 percent compared to December 2017 while the average year-to-date sale price for the 15-county Central Indiana region increased 7.4 percent to $214,436.
Homes left the market quickly and for more money while inventory increased last month as the housing market slowed down for the holidays. In December 2018, 2,040 central Indiana homes were purchased, down from 2,143 sold in December 2017. Specifically:
- Putnam County showed the most growth in homes sold with a 26.1 percent increase in December 2018 compared to December 2017. Putnam County also had the most growth throughout 2018, with 17 percent more pended sales than 2017.
- Shelby County pended sales, however, decreased the most at 34.4 percent compared to December 2017.
- Jennings County saw the biggest decrease in 2018 compared to 2017, with 6.5 percent fewer pended sales.
2018 ended the way it started as a strong seller’s market, with homes leaving the market faster and at higher prices.
- Of the 15 counties F.C. Tucker tracks, all showed an increase in average year-to-date home prices.
- Hamilton County ended the year with the highest average home price in 2018 of $323,700. Jennings County experienced the highest price increase in 2018 compared to 2017 at 17 percent.
- Homes sold in 41 days on average in 2018, 19 days and 31.7 percent faster than 2017. Marion County’s homes finished out the year as the fastest-selling in the market at only 35 days.
Inventory increased for the third month in a row, with 484 more homes listed than December 2017. In December 2018, inventory stood at 5,707 homes, an increase of 9.3 percent compared to the same month in 2017.
- Marion County experienced the highest increase in inventory, with 22.7 percent more listings than December 2017.
- Jennings County’s inventory dropped the most at 20 percent compared to December 2017.
“2018 saw prices increase, however Indiana remains one of the most affordable markets in the country,” said Jim Litten, CEO of F.C. Tucker Company. “Indiana has low unemployment, reasonable interest rates and high consumer confidence. As long as two of those three factors stay steady, Indiana will remain a healthy housing market.”
Of the pended home sales in the region last month, none were priced $2,000,000 or higher; nine were priced $1,000,000 to $1,999,999; 89 were priced $500,000 to $999,999; 324 were priced $300,000 to $499,999; 413 were priced $200,000 to $299,999; 800 were priced $100,000 to $199,999; and 405 were priced at $99,999 or less.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
ACTIVE LISTINGS – INVENTORY
AVERAGE SALE PRICE