Housing inventory drops nearly 50 percent as central Indiana’s residential real estate market experiences a dynamic month

Home sales and home prices continued to climb in August

 

INDIANAPOLISMonthly real estate stats from F.C. Tucker Company showed a dramatic decrease in housing inventory throughout central Indiana as part of a dynamic August 2020 residential real estate market:

      Pended home sales increased 13.2 percent.

      The average August home sale price for the 16-county central Indiana region was $259,932 an increase of 11.1 percent.

      The year-to-date average home sale price increased by 9.2 percent, to $246,726.

      Available housing inventory dropped 49.4 percent compared to August 2019.

In August 2020, 4,334 central Indiana homes were purchased, up 13.2 percent from the 3,830 sold in August 2019. Specifically:

      Putnam County showed the greatest increase in the number of homes sold with 40.8 percent growth, compared to August 2019.

      Jennings County pended sales, however, had the greatest decrease with 10 percent fewer homes sold in August 2020 compared to August 2019. Decatur County was the only other county with a decrease in the number of homes sold this past month.

Year-to-date home sales continued to increase, and homes also left the market more quickly compared to this time last year.

      Jackson County recorded the highest average year-to-date home sale price increase at 17.3 percent compared to August 2019.

      Boone County had the highest average year-to-date home sale price in the region at $362,549.

      Homes sold in 36 days on average, 7.7 percent faster than year-to-date 2019. Jackson County homes left the market 14 days faster than this time last year - the greatest decrease of the 16-county central Indiana area.

Inventory decreased an unprecedented 49.4 percent last month, with only 3,326 homes listed in August 2020. That represents 3,253 fewer homes available for sale than in August 2019.

      All central Indiana counties experienced significant double-digit drops in housing inventory. Bartholomew County had the lowest inventory decrease –28.1 percent – compared to August 2019.

      Brown County inventory decreased 61 percent compared to this time last year – the greatest decrease in central Indiana. Ten other central Indiana counties also experienced housing inventory decreases 50 percent or higher.

“We’ve never experienced such interesting trends in residential real estate as we have during the summer of 2020,” said Jim Litten, CEO of   F.C. Tucker Company. “Once again in August, the market remained very active, with homes selling quickly and for increased prices. However, fewer people are putting their homes on the market, creating an unprecedented shortage of homes available for sale.”

Of the pended home sales in the region last month, 5 were priced $2,000,000 or higher; 41 were priced $1,000,000 to $1,999,999; 256 were priced $500,000 to $999,999; 917 were priced $300,000 to $499,999; 1,254 were priced $200,000 to $299,999; 1,434 were priced $100,000 to $199,999; and 427 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 September 9, 2020. Because of delayed processing through other agencies or boards, these numbers are subject to change.

      Effective April 7, 2019, data from MIBOR only reports on single family homes and excludes condo sales. F.C. Tucker will continue to include condo sales in this report.

       “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.

       “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.

      For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report tracking Jackson County data was pulled August 7, 2019.

 


 

PENDED SINGLE-FAMILY AND CONDOMINIUM SALES

County

August 2019

August 2020

Month-to-month % Change

Year-to-date
% Change

Bartholomew

125

142

13.6%

7.0%

Boone

123

138

12.2%

13.8%

Brown

34

39

14.7%

10.8%

Decatur

38

37

-2.6%

7.3%

Hamilton

681

830

21.9%

7.3%

Hancock

144

185

28.5%

-2.2%

Hendricks

288

371

28.8%

2.8%

Jackson

55

56

1.8%

-14.5%

Jennings

20

18

-10.0%

3.8%

Johnson

299

310

3.7%

1.2%

Madison

184

190

3.3%

-1.4%

Marion

1,554

1,688

8.6%

2.4%

Montgomery

55

56

1.8%

-2.2%

Morgan

122

137

12.3%

11.2%

Putnam

49

69

40.8%

24.6%

Shelby

59

68

15.3%

-0.7%

TOTAL

3,830

4,334

13.2%

3.7%

 


 

ACTIVE LISTINGS – INVENTORY    

 

County

August 2019

August 2020

% Change

Bartholomew

171

123

-28.1%

Boone

282

146

-48.2%

Brown

100

39

-61.0%

Decatur

87

36

-58.6%

Hamilton

1,365

564

-58.7%

Hancock

235

116

-50.6%

Hendricks

473

200

-57.7%

Jackson

81

54

-33.3%

Jennings

53

27

-49.1%

Johnson

405

188

-53.6%

Madison

347

139

-59.9%

Marion

2,463

1,459

-40.8%

Montgomery

108

50

-53.7%

Morgan

222

100

-55.0%

Putnam

104

52

-50.0%

Shelby

83

33

-60.2%

TOTAL

6,579

3,326

-49.4%

 

 


 

AVERAGE SALE PRICE

 

County

YTD
August 2019

YTD
August 2020

% Change

Bartholomew

$218,481

$224,814

2.9%

Boone

$340,439

$362,549

6.5%

Brown

$258,799

$303,223

17.2%

Decatur

$158,335

$165,261

4.4%

Hamilton

$339,531

$362,448

6.7%

Hancock

$221,929

$238,914

7.7%

Hendricks

$235,672

$255,148

8.3%

Jackson

$140,882

$165,221

17.3%

Jennings

$137,850

$142,734

3.5%

Johnson

$230,576

$243,221

5.5%

Madison

$127,524

$138,566

8.7%

Marion

$182,951

$204,866

12.0%

Montgomery

$142,518

$157,781

10.7%

Morgan

$199,788

$216,291

8.3%

Putnam

$171,904

$180,300

4.9%

Shelby

$153,121

$169,655

10.8%

TOTAL

$225,946

$246,726

9.2%

 

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With more than $4 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. For more information, visit talktotucker.com.