Indianapolis Market Watch

2008 Six Central Indiana counties report increased sales in September

Year-to-date sales still down compared to 2007

INDIANAPOLIS – Indiana continues to ride the real estate tide, as indicated by an increase in home sales in several more central Indiana counties in September, while maintaining an overall year-to-date decline compared to the same period in 2007, according to pended sales statistics compiled by F.C. Tucker Company. In last month’s Tucker report, two counties saw an increase in sales on a year-to-date comparison. Another bright spot in the central Indiana real estate market is the continued shrinking inventory of homes on the market in the nine-county region, offering a ray of hope to current sellers.

Boone County is the strongest market with an impressive 41.9 percent increase in sales of single family homes and condominiums last month compared to a year ago. Following Boone are Shelby County with a growth of 15.0 percent, Morgan with a 12.3 percent growth, Johnson increasing by 7.9 percent and Hamilton and Marion county home sales growing by 2.5 percent and 2.0 percent, respectively.

Although September showed signs of improvement and stayed nearly the same as last year, dipping only 0.1 percent below September 2007, year-to-date sales figures remain off an average of 11.1 percent in the central Indiana market.

“In these difficult economic times, your home continues to be the strongest, most lasting investment,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “The residential real estate market is still on the recovery road from this current downturn. We are making progress, and, as we have in the past, Indiana’s real estate market will recover stronger and more resilient than ever.”

Hamilton County boasts the shortest amount of time – 83 days – for homes to be on the market through September 2008. The average number of days for a home to be on the market in the regionis 93 days, a 6.9 percent increase comparing year-to-date figures from 2007 and 2008. Hancock County data shows the smallest increase in days on the market compared to last year with a change from 90 to 92 days, according to F.C. Tucker data.

Fewer homes continue to go onthe market which means more families are staying in central Indiana and fewer families are waiting for their home to sell. In September, there were approximately 18,393 active listings of single family homes and condominiums. Last year at this time, there were 20,943 homes on the market in the nine-county central Indiana region.

The nine-county average sales price was $146,247, which is 5.2 percent lower compared to the same time last year. Madison County showed the least decrease in sales price with a change of -1.8 percent compared to year-to-date figures from 2007.

Pended single-family and condominium home sales

Active Listings -Inventory

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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Property linxstatistics on October 7, 2008. Pending means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.