Central Indiana home sales rebound in May
Significant inventory decreases and rising prices create challenges for home buyers
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company showed the Central Indiana real estate market rebounded in May. Home sales increased for the first time in two months, while home prices continued their upward climb and inventory saw a significant decrease.
Pended home sales increased 2.8 percent, and the average home sale price for the 16-county central Indiana region in May was $245,422, an increase of 5.6 percent. The year-to-date average home sale price increased by 8.1 percent, to $235,918. Inventory decreased by 31 percent, compared to May 2019.
In May 2020, 4,340 central Indiana homes were purchased, up 2.8 percent from the 4,221 sold in May 2019. Specifically:
- Putnam County showed the greatest increase in the number of homes sold with 55.6 percent growth, compared to May 2019.
- Shelby County pended sales, however, had the greatest decrease with 15.9 percent fewer homes sold in May 2020 compared to May 2019.
Year-to-date home sale prices increased, and homes also left the market more quickly compared to this time last year.
- Jackson County recorded the highest average year-to-date home sale price increase at 16.9 percent compared to May 2019.
- Boone County had the highest average year-to-date home sale price in the region at $360,014.
- Homes sold in 43 days on average, 6.5 percent faster than year-to-date 2019. Decatur County homes left the market 16 days faster than last year – the greatest decrease of the 16-county central Indiana area.
Inventory decreased 31 percent last month, with only 3,933 homes listed in May 2020. That represents 1,764 fewer homes available for sale than in May 2019.
- Bartholomew County was the only county that experienced an increase in housing inventory, with 1.3 percent more listings than May 2019.
- Decatur County inventories decreased 61.9 percent compared to this time last year – the greatest decrease in central Indiana.
“Despite the economic challenges of the last couple of months, the residential real estate market saw a remarkable rebound in May,” said Jim Litten, CEO of F.C. Tucker Company. “With the steady re-opening of the city and state, we’re hopeful residents will feel more comfortable showing and selling their homes, opening up much-needed additional inventory for home buyers.”
Of the pended home sales in the region last month, 2 were priced $2,000,000 or higher; 38 were priced $1,000,000 to $1,999,999; 272 were priced $500,000 to $999,999; 854 were priced $300,000 to $499,999; 1,216 were priced $200,000 to $299,999; 1,506 were priced $100,000 to $199,999; and 452 were priced at $99,999 or less.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
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ACTIVE LISTINGS – INVENTORY
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AVERAGE SALE PRICE