Indianapolis Market Watch

Central Indiana October home sales show some areas of improvement

INDIANAPOLIS– While central Indiana pended home sales continue to fall behind last year’s levels, some counties are showing improvement in home sales and less available inventory, according to data compiled by F.C. Tucker Company.

October pended home sales overall were 12.1 percent less than October 2006. Specific county highlights include Boone County, where October pended home sales rose 27.9 percent compared to the same time last year, and Johnson County, where October pended home sales increased 0.6 percent over last year. By comparison, Shelby County posted the most significant drop in pended home sales in October with a 36.2 percent decrease.

“Althought here were some bright spots in October, we are hoping we continue to make progress in reaching normal sales levels,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Our above-average home sales success over the past few years is now balancing out, so homeowners are seeing the natural low that comes from such a historic high.”

Year-to-date real estate sales totals for the nine-county area continue to lag somewhat behind 2006 statistics. So far this year, 25,055 homes have been sold compared to 27,115 during the same time last year, down 7.6 percent. For the second straight month, year-to-date sales in Hancock County are above 2006 figures, up 0.8 percent at the end of October.

On an inventory level basis, Morgan County’s inventory balanced out in October at 666 homes, the same number of homes available in October 2006. Shelby County’s available inventory decreased 6.5 percent in October; Marion County’s inventory rose 9.9 percent.

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on Nov. 8, 2007.

Pended single-family and condominium home sales

Active listings, October 2006 vs. October 2007