Central Indiana home sales jump 17.6 percent in March

After last month’s pended sales declined, housing sales and prices are now rising

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market is on the rise once again. March 2018 pended sales increased 17.6 percent compared to March 2017 while the average year-to-date sales price for the 15-county Central Indiana region increased 7.6 percent to $199,995.

Despite the increasingly lower number of available homes for purchase, every county saw an increase in pended sales as homes left the market faster. Pended sales went from 3,605 Central Indiana homes purchased in March 2017 to 4,240 in March 2018. Specifically:

● Putnam County showed the most growth in homes sold with an unprecedented 100 percent increase in March 2018 compared to March 2017.

● Eight of the 15 counties tracked experienced at least 30 percent more sales than this time last year.

On average, homes sold much faster and for more money in March, signaling that it’s still a seller’s market.

● Of the 15 counties F.C. Tucker tracks, only Jennings County showed a decrease in average year-to-date home prices at 6.8 percent.

● Hamilton County continues its streak with the highest average home prices at $312,334. Shelby County experienced the highest price increase from March 2017 to March 2018 at 21.4 percent.

● Homes sold 65 days on average, 12 days and 15.6 percent faster than January to March last year. Marion County’s homes were the fastest-selling in the market at 57 days.

Listings dropped significantly this month, reaching 28 percent fewer homes for sale. In March 2018, inventory stood at 4,346 homes, a decrease of 1,693 compared to 6,039 homes in March 2017.

● Bartholomew County’s inventory dropped the most at 39.5 percent, representing 107 fewer listings compared to March 2017.

● While no county experienced an increase in inventory, Boone County lost the fewest listings with a 9.8 percent decrease.

“It’s peak selling season, and buyers are facing more competition as listings continue to drop lower than we’ve seen in years,” said Jim Litten, CEO of F.C. Tucker Company. “Without much new construction to add to inventory, homes that are available sell for more money than usual and much faster.”

Of the pended home sales in the region last month, none were priced $2,000,000 or higher; 18 were priced $1,000,000 to $1,999,999; 180 were priced $500,000 to $999,999; 614 were priced $300,000 to $499,999; 880 were priced $200,000 to $299,999; 1,833 were priced $100,000 to $199,999; and 715 were priced at $99,999 or less.

Editor’s Notes:

● All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on March 16, 2018. Because of delayed processing through other agencies or boards, these numbers are subject to change.

● “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer is a status in the BLC® listing service in order to present a true picture in advertising and marketing. Those listings that were in the "Active with Contingency" status have been moved from the "Active" status to the "Pending" status.

● “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.

● For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby.

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

County	March 2017	March 2018	Month-to-month % Change	Year-to-date % Change
Bartholomew	111	153	37.8%	14.7%
Boone	120	144	20.0%	10.2%
Brown	21	28	33.3%	3.3%
Decatur	26	34	30.8%	14.8%
Hamilton	735	794	8.0%	3.9%
Hancock	117	153	30.8%	5.6%
Hendricks	309	368	19.1%	6.6%
Jennings	14	20	42.9%	-19.2%
Johnson	257	314	22.2%	9.9%
Madison	154	208	35.1%	3.6%
Marion	1,510	1,704	12.8%	6.4%
Montgomery	49	58	18.4%	15.9%
Morgan	91	126	38.5%	18.3%
Putnam	42	84	100.0%	53.1%
Shelby	49	52	6.1%	3.0%
TOTAL	3,605	4,240	17.6%	7.2%

ACTIVE LISTINGS – INVENTORY

County	March 2017	March 2018	% Change
Bartholomew	271	164	-39.5%
Boone	224	202	-9.8%
Brown	134	82	-38.8%
Decatur	89	63	-29.2%
Hamilton	1,215	976	-19.7%
Hancock	187	165	-11.8%
Hendricks	419	310	-26.0%
Jennings	52	40	-23.1%
Johnson	399	322	-19.3%
Madison	330	227	-31.2%
Marion	2,152	1,370	-36.3%
Montgomery	111	89	-19.8%
Morgan	204	156	-23.5%
Putnam	127	99	-22.0%
Shelby	125	81	-35.2%
TOTAL	6,039	4,346	-28.0%

AVERAGE SALE PRICE

County	YTD March 2017	YTD March 2018	% Change
Bartholomew	$190,774	$198,806	4.2%
Boone	$282,434	$286,133	1.3%
Brown	$189,513	$207,114	9.3%
Decatur	$134,551	$139,213	3.5%
Hamilton	$291,881	$312,334	7.0%
Hancock	$177,986	$204,616	15.0%
Hendricks	$201,097	$210,001	4.4%
Jennings	$109,903	$102,421	-6.8%
Johnson	$194,456	$199,898	2.8%
Madison	$90,116	$103,688	15.1%
Marion	$149,177	$161,676	8.4%
Montgomery	$107,755	$108,075	0.3%
Morgan	$153,650	$180,973	17.8%
Putnam	$132,833	$142,982	7.6%
Shelby	$121,525	$147,473	21.4%
TOTAL	$185,819	$199,995	7.6%

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With approximately $3.7 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees.