2008 Several counties show improvement in sales price

Available inventory in the region continues to drop

INDIANAPOLIS – While overall pended home sales continued to fall in May, several counties in central Indiana reported strong activity with improved average sales prices and a drop in the number of homes on the market year-to-date, compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.

Available inventory dropped 4.1 percent in May with 19,218 homes on the market, 817 fewer homes than in May 2007. Hamilton and Johnson counties, however, reported a slight increase in the number of homes available.

“We continue to be encouraged by the decline in inventory in central Indiana,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division.“As available inventory declines to more historic levels of five to six months’ supply, we’ll see pricing firm up even more.”

May pended home sales in the nine-county area were down 15.4 percent compared to May 2007 with 2,557 homes pending. Pended sales during the first five months of the year are down 12.6 percent compared to the same time period in 2007. So far this year, 11,474 pended home sales have been posted; 13,125 homes were pending during the first five months of 2007.

Shelby County continues to be the only county in the nine-county region to show an increase in pended sales, up 4.3 percent compared to May 2007. New jobs in the area have boosted this community’s results during the busiest home-buying season of the year.

Despite the slow pace of pended sales, five counties in central Indiana revealed an improved average sales price, and three counties showed a lower average number of days on the market for the first five months of 2008, compared to the same time period last year. Overall, the nine-county region showed a year-to-date decrease in the average sales price of homes and an increase in the number of days on the market.

Boone, Hamilton, Hendricks, Madison and Morgan counties all reported an increase in average sales price fort he first five months of this year, with Hendricks County posting the largest increase – 9.1 percent – since the beginning of the year. The average price of a Hendricks County home was $177,618. Hancock, Hendricks and Morgan homes were on the market for fewer days year-to-date compared to last year.

The average year-to-date sales price for a home in the nine-county area was $144,680, 3.3 percent less than what was reported in the first five months of 2007. However, the average sales price for a home in May 2008 vs. May 2007 has risen 2.8 percent, to $159,504.

The National Association of REALTORS® expected unprecedented home price declines in the first half of the year, and many markets can anticipate stabilizing price trends in the second half before rising more than 4 percent next year. “We believe central Indiana will be one of the first markets to emerge from the downward price trend,” Litten said.

Pended single-family and condominium home sales

Active Listings - Inventory

# # #

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on June 9, 2008.

2008 Inventory of homes on the market show decline

Sales continue at slower pace

INDIANAPOLIS– While home buying during the spring season is somewhat behind last April, the inventory of homes for sale in central Indiana continues to decline reflecting less new home building and continued “wait on the sidelines” home sellers, according to pended sales statistics compiled by F.C. Tucker Company.

April pended home sales in the nine-county area were down 14.1 percent compared to April 2007 with 2,520 homes sales pending. Pended sales during the first four months of the year are down a total of 11.7 percent compared to the same time period in 2007. Overall, 8,926 pended home sales have been posted; 10,110 homes were pending during the first four months of 2007.

The average year-to-date sales price for a home is $139,629, 5.4 percent less than what was reported in April 2007.

Available homes for sale inventory dropped 1.8 percent in April with 18,996 homes on the market, 354 fewer homes than in April 2007. Madison County experienced the greatest decrease in inventory at 9.3 percent.

“The continual drop in inventory is a good sign for the overall market,” said H.James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “It’s a strong signal that our local market is continuing the process of balancing out demand and supply.

“The decline in inventory, along with fewer new homes under construction and solid mortgage rates, will help in our recovery. Despite April figures, we are seeing a decent number of prospective buyers attending open houses and showing interest in the many homes on the market. These are indications that the central Indiana housing market is showing progress.”

Of the nine counties F.C. Tucker tracks, Shelby County was the only one to experience an increase in pended sales compared to April 2007. The rise in sales is due, in part, to the thriving employment and construction at Indiana Downs in Shelbyville and the Honda Plant in nearby Greensburg.

“This area of the state will certainly experience continuous growth in home sales over the next few years,” said Steve Allen, principal broker and owner, F.C.Tucker, Shelby & Decatur Counties.

.

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 May 8, 2008.

2008 Spring home sales off to slow start

Available inventory down slightly

INDIANAPOLIS – As the spring home buying season begins, pended sales in the nine-county region slipped in March while available inventory showed a slight decline for the first time this year, according to pended sales statistics compiled by F.C. Tucker Company.

March pended home sales were down 14.7 percent with 2,419 homes pending compared to 2,836 in March 2007. So far this year, overall pended home sales are down 10.1 percent from March 2007. Available inventory in March was 18,405, which is 158 fewer homes available than in March 2007.

“While the drop in pended home sales in March is higher than we anticipated based on February’s encouraging numbers, available inventory appears to be starting to balance out,” said Donna Kreps, executive vice president for F.C. Tucker Company’s Residential Real Estate Services. “Going into the spring/summer home buying season, we anticipate a sales spike as homeowners get back into the market, which continues to offer an excellent array of homes at affordable prices.”

The average sales price for a home in March was $140,098, 2.8 percent less than March 2007. Average days on market increased from 91 days in March 2007 to 106 days in March 2008.

By county, pended home sales in Hancock County was 31.6 percent less than in March 2007. Pended home sales in Morgan and Shelby counties were down 5.3 percent while sales in Hamilton and Marion Counties were down 21.2 percent and 9.6 percent respectively.

Pended single-family and condominium home sales

Active listings