2008 Home sales on the rise

Five of nine counties show increased sales over 2007

INDIANAPOLIS – Home sales in Central Indiana are starting to improve as the spring home-buying season begins. February pended sales were up 0.9 percent compared to February 2007, according to pended sales statistics compiled by F.C. Tucker Company.

Overall, 2,132 homes were sold in February 2008 compared to 2,113 in February 2007. It is the first time since April 2007 that pended sales have shown positive growth, which could indicate that the local housing market is starting to rebound.

Along with an increase in total February sales, five of the nine counties in the Indianapolis area posted an increase over February 2007. Hancock County reported 25 more homes pending than in February 2007, a 46.3 percent increase. Pended sales in Shelby County jumped 21.9 percent compared to February 2007. Morgan County pended home sales increased 19.6 percent.

To date, 4,079 homes have been closed or are pending, 6.1 percent less than the same time in 2007. The average sales price is down 4.1 percent from February 2007, decreasing from $143,174 to $137,363. Homes stayed on the market an average of 108 days, an increase from 92 days in February 2007.

“We hope February’s encouraging numbers are an indication that the local housing market is starting to turn around,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “We’ll continue to review sales activity over the next few months to determine if this is a positive trend and if we are starting to gain momentum toward stronger sales in 2008.

“Presently, we are encouraged to see more prospective home buyers come off the sidelines and take a look at the inventory available. It shows that consumer confidence is improving.”

Inventory is up 4.7 percent compared to February 2007. Litten said, “This may be an indication that more home sellers are entering the market in hopes of a strong spring-buying season.”

Pended single-family and condominium home sales

Active listings

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on Mar. 7, 2008.