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Indianapolis Market Watch

Sold By Hart 2009 Market Predictions

January 7th, 2009 9:43 PM

An increase in real estate sales in 2009 over 2008 numbers. According to panelists from Indiana University’s annual business outlook, Indianapolis should see more positive numbers for Indianapolis in the fourth quarter. Our market could rebound more quickly than other U.S. cities, primarily due to our nationally recognized affordability.

Housing prices stabilizing at 2008 levels. Even in a year of significant foreclosures from the sub-prime debacle, the average home price in Central Indiana only dipped five percent, compared to some areas in the country such as California, Florida and Nevada that are down more than 20 percent. Because of the current slowdown, there is a tremendous amount of pent-up demand for buyers waiting on the sidelines. Sales are moving for people who need a home, and as prices level off, we will see an equilibrating of supply and demand in the housing market.

Residential real estate inventory declining further until Central Indiana reaches a six-month supply in late 2009. Despite being a buyer’s market, sellers are encouraged because inventory is decreasing – which means less competition.

Interest rates to remain low in 2009. The Federal Reserve cut interest rates nine times in 2008, leaving rates at record lows heading into 2009. Also, contrary to popular belief, banks are still lending money, and there will continue to be unprecedented buying opportunities in Central Indiana through much of 2009.

A new administration in Washington will bring positive change. In January, Americans will welcome a new administration, allowing a fresh start in 2009. President-elect Obama will immediately focus on creating jobs and providing much needed relief for American families. Homeowners can take heart that Obama intends to provide direct, immediate assistance by reforming the bankruptcy code, enacting a 90-day foreclosure moratorium and providing state fiscal relief to aid in property tax increases, among other initiatives.

Posted by Ryan Hart on January 7th, 2009 9:43 PMPost a Comment (0)

Indianapolis Market Watch for December 2008

January 20th, 2009 6:08 PM

Three Central Indiana counties see increase in home sales

Decreasing housing inventory, stable sales prices assist sellers, but still a buyer’s market

INDIANAPOLIS – While overall home sales remain lower on amonth-to-month and year-to-date basis in Central Indiana,three Indianapolis-area counties reported higher sales in December 2008 thanthe same time in 2007, according to finalized pended sales statistics compiled byF.C. Tucker Company. Hancock, Johnson and Marion counties showed improvementover other counties in the nine-county region F.C. Tucker serves.

Available homes for sale dropped 14.3 percent in December 2008 with 2,605 fewer homes on the market than in December 2007. Total homes available for sale at year-end were 15,600. Marion County and Hendricks County experienced the greatest decrease in inventory at 19.2 percent each.

Current interest rates are hovering around 5 percent for a 30-year, fixed-rate loan, and with the Federal Reserve’s MBS (mortgage-backed securities) buying program in full swing, many experts believe that mortgage rates will stay down for the foreseeable future.

“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, we hope to see pricing firm up. Also, as interest rates remain historically low, consumer confidence will continue to grow.”

Homes remained on the market an average of 92 days in December, only a 2.2 percent increase comparing year-to-date figures from 2007 and 2008. Four counties – Hancock, Hendricks, Johnson and Madison – showed a decrease in days on the market, compared to December 2007. Madison County boasted the largest change, shaving off an average of six days on the market.

Madison County also showed a 7.4 percent increase in average home sales price in December 2008, compared to December 2007. Home inventory in the county decreased 7.9 percent over the same time frame. Litten is optimistic the trend will continue into 2009.

Pended single-family and condominium home sales

County	December 07	December 08	% Change	Year-to-date % Change
Boone	42	41	-2.4%	-14.3%
Hamilton	237	225	-5.1%	-11.3%
Hancock	56	58	3.6%	-14.6%
Hendricks	125	92	-26.4%	-7.8%
Johnson	112	118	5.4%	-12.0%
Madison	83	66	-20.5%	-15.7%
Marion	729	746	2.3%	-10.4%
Morgan	40	39	-2.5%	-9.9%
Shelby	28	26	-7.1%	-9.1%
TOTAL	1,452	1,411	-2.8%	-11.0%

Active Listings -Inventory

County	December 07	December 08	% Change
Boone	516	543	5.2%
Hamilton	2,808	2,609	-7.1%
Hancock	644	594	-7.8%
Hendricks	1,336	1,080	-19.2%
Johnson	1,262	1,159	-8.2%
Madison	1,084	998	-7.9%
Marion	9,519	7,695	-19.2%
Morgan	614	562	-8.5%
Shelby	382	320	-16.2%
TOTAL	18,165	15,560	-14.3%

Posted by Ryan Hart on January 20th, 2009 6:08 PMPost a Comment (0)

Home Improvement Value Newsletter

January 7th, 2009 9:47 PM

Are You Considering a Major Home Improvement Project in the Near Future ? There are possible considerations when weighing the cost of the project versus the possible value that might be added to your home as a result of making the improvement.

Every year, REALTOR magazine evaluates the potential paybacks that a homeowner might enjoy as a result of a variety of home remodeling projects. In the December 2008 issue of the magazine, there is an assessment of the possible “top” home improvement projects that could possibly improve the marketability and value of a home, based upon several criteria. The assessment is based upon the region of the country where the home is located (Indiana being considered as East North Central), and midrange versus upscale remodeling projects (reflective of the cost range of the project).

The article described the top ten project paybacks as being “replacement projects that boost curb appeal--- siding, windows, and decks”. It also stated “only kitchen remodels can compare, at least on a national basis”. The following details illustrate the findings from REALTOR magazine relative to remodeling projects for decks, siding, windows, and kitchens, as well as other select projects:

Remodel Type Upscale Cost / % Value Retained Midrange Cost / % Value Retained

Composite Deck Addition $37,893 / $20,747 – 54.8% $15,440 / $9,910 – 64.2%

Wood Deck Addition $10,534 / $7,263 – 68.9%

Fiber Cement Siding $12,965 / $10,279 – 79.3%

Vinyl Siding $12,184 / $9,061 - 74.4% $10,398 / $7,591 – 73.0%

Wood Windows $18,276 / $12,127 – 66.4% $12,117 / $8,156 – 67.3%

Vinyl Windows $14,322 / $9,806 – 68.5% $11,077 / $7,429 – 67.1%

Kitchen (Major Remodel) $113,056 / $70,703 – 62.5% $58,253 / $38,726 – 66.5%

Kitchen (Minor Remodel) $21,759 / $15,038 – 69.1%

Roofing $39,144 / $20,594 – 52.6% $20,227 / $11,056 – 54.7%

There are a number of other possible remodeling projects that are discussed and detailed among the statistics provided in REALTOR’S article titled “Remodeling’s Cost vs. Value Report by Hanley Wood LLC. It is always important to understand that there is not only the consideration of possible paybacks on these types of projects, but possibly more important, many of the remodeling projects become imperative for a Seller’s home to be competitive in buyer’s market.

If you are contemplating a remodeling project, please feel free to contact me to discuss the merits of completing the project prior to selling your home in the future. I am always available to help you assess your options and I hope you will not ever hesitate to call me for assistance.

Posted by Ryan Hart on January 7th, 2009 9:47 PMPost a Comment (0)

2008 Year End Market Watch

January 7th, 2009 9:38 PM

FOR IMMEDIATE RELEASE Contact:

2008 F.C. Tucker market analysis shows reductions in available housing inventory in 2008;

Predicts slight Central Indiana real estate market improvement in 2009

INDIANAPOLIS – Month after month, Central Indiana housing inventory steadily declined during 2008, with November showing a 13 percent drop, or 2,513 fewer homes on the market, compared to the same time last year, according to active listings statistics compiled December 8 by F.C. Tucker Company. Of the nine counties Tucker tracks, Hendricks County showed the largest decrease in inventory at -19.6 percent.

“As the number of homes available reaches a six-month supply in 2009, we will finally see a supply/demand correction of the local housing market,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Our current inventory is less than eight months, so the opportunity for central Indiana real estate to rebound gets closer and closer. Today, it remains a buyers’ market, and with low interest rates, more and more buyers are seriously looking.”

Tucker estimates that nearly 25,000 homes will be pended in the nine-county region by year-end. The average year-to-date sales price remained off 5 percent for the year; in November, the average price for a home was $145,014. Tucker estimates that the 5 percent decrease in the average sales price will track through December. Litten said, “Central Indiana’s housing afford ability index, according to the National Association of Home Builders, is one of the best in the nation, and our afford ability bodes well for an earlier recovery than some areas of the country.”

Of the nine counties, Hendricks County showed the least decline in homes pended in November, with 6.9 percent fewer homes pended compared to the same time last year. Hancock County showed the highest decline in November with 16.4 percent fewer homes pended compared to the same time last year. For this year, home sales are down 11 percent.

“As we reflect on 2008 and the challenges facing our nation, and the Central Indiana real estate market in particular, we can take comfort knowing that economic downturns don’t last forever,” added Litten. “I believe efforts to reform the nation’s lending practices will strengthen consumer confidence in 2009. Moreover, Central Indiana continues to have a strong economic base of business activity and one of the steadiest real estate markets in the nation. I am optimistic that we’ll see improvement in 2009.”

¡ An increase in real estate sales in 2009 over 2008 numbers. According to panelists from Indiana University’s annual business outlook, Indianapolis should see more positive numbers for Indianapolis in the fourth quarter. Our market could rebound more quickly than other U.S.cities, primarily due to our nationally recognized affordability.

Pended single-family and condominium home sales

County	November 07	November 08	% Change	Year-to-date % Change
Boone	61	40	-34.4%	-15.3%
Hamilton	288	240	-16.7%	-11.8%
Hancock	76	57	-25.0%	-16.4%
Hendricks	136	124	-8.8%	-6.9%
Johnson	140	96	-31.4%	-13.0%
Madison	109	86	-21.1%	-15.3%
Marion	827	734	-11.2%	-10.8%
Morgan	66	46	-30.3%	-11.1%
Shelby	34	27	-20.6%	-9.0%
TOTAL	1,737	1,450	-16.5%	-11.4%

Active Listings - Inventory

County	November 07	November 08	% Change
Boone	556	598	7.6%
Hamilton	2,961	2,797	-5.5%
Hancock	679	634	-6.6%
Hendricks	1,435	1,154	-19.6%
Johnson	1,317	1,275	-3.2%
Madison	1,141	1,068	-6.4%
Marion	10,159	8,288	-18.4%
Morgan	653	616	-5.7%
Shelby	404	362	-10.4%
TOTAL	19,305	16,792	-13.0%

Posted by Ryan Hart on January 7th, 2009 9:38 PMPost a Comment (0)