Central Indiana housing inventory down more than 47% from this time last year

Housing price increases continue approaching 20%

 

INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company showed a more than 47 percent decrease in housing inventory compared to October 2019. The inventory shortage continues to boost home sale prices, fueling an extremely competitive market for home buyers.

     The average October home sale price for the 16-county central Indiana region was $261,530, an increase of 17.7 percent.

     The year-to-date average home sale price increased by 11.3 percent, to $250,464, rising even further than last month’s 10.5 percent increase.

     Available housing inventory dropped 47.2 percent compared to October 2019, falling even further than the 44.7 percent decrease last month.

     Pended home sales increased 17.1 percent.

In October 2020, 3,894 central Indiana homes were purchased, up 17.1 percent from the 3,326 sold in October 2019. Specifically:

     Jackson County showed the greatest increase in the number of homes sold with 57.5 percent growth, compared to October 2019.

     Jennings County pended sales, however, had the greatest decrease with 17.4 percent fewer homes sold in October 2020 compared to October 2019.

Year-to-date home sale prices continued to increase, despite the plummeting inventory shortage.

     Brown County recorded the highest average year-to-date home sale price increase at 23.6 percent compared to October 2019.

     Hamilton County had the highest average year-to-date home sale price in the region at $367,605, edging out Boone County, which had an average year-to-date home sale price of $367,209.

     Homes sold in 33 days on average, 13.2 percent faster than year-to-date 2019. Decatur County homes left the market 14 days faster than this time last year - the greatest decrease of the 16-county central Indiana area.

Every county saw home inventory decreases of 28.6 percent or higher. The 16-county area experienced a 47.2 percent decrease last month – even higher than September 2020 -- with only 3,561 homes listed in October 2020. That represents 3,183 fewer homes available for sale than in October 2019.

     Shelby County had the lowest inventory decrease – 28.6 percent – compared to October 2019.

     Brown County inventory decreased the most significantly in central Indiana – 68.8 percent – compared to this time last year. Eight other central Indiana counties also experienced inventory decreases of 50 percent or higher.

“As long as available housing inventory continues its downward trajectory, home prices will keep increasing in this extremely competitive market,” said Jim Litten, CEO of F.C. Tucker Company. “We will be closely watching to see how this presidential election will affect the November financial markets and, in turn, the central Indiana residential real estate market.”

 

Of the pended home sales in the region last month, 4 were priced $2,000,000 or higher; 16 were priced $1,000,000 to $1,999,999; 234 were priced $500,000 to $999,999; 713 were priced $300,000 to $499,999; 1,122 were priced $200,000 to $299,999; 1,417 were priced $100,000 to $199,999; and 388 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 November 5, 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

October 2019

October 2020

Month-to-month % Change

Year-to-date
% Change

Bartholomew

100

113

13.0%

9.2%

Boone

111

119

7.2%

13.8%

Brown

23

34

47.8%

15.3%

Decatur

27

36

33.3%

7.7%

Hamilton

560

727

29.8%

11.2%

Hancock

131

176

34.4%

3.3%

Hendricks

308

293

-4.9%

3.3%

Jackson

40

63

57.5%

-5.0%

Jennings

23

19

-17.4%

6.7%

Johnson

241

263

9.1%

4.2%

Madison

162

174

7.4%

0.1%

Marion

1,359

1,591

17.1%

5.4%

Montgomery

38

58

52.6%

6.3%

Morgan

109

107

-1.8%

9.9%

Putnam

48

60

25.0%

25.5%

Shelby

46

61

32.6%

5.5%

TOTAL

3,326

3,894

17.1%

6.6%

 

 


 

ACTIVE LISTINGS – INVENTORY    

 

County

October 2019

October 2020

% Change

Bartholomew

194

112

-42.3%

Boone

306

127

-58.5%

Brown

109

34

-68.8%

Decatur

81

45

-44.4%

Hamilton

1,358

528

-61.1%

Hancock

231

115

-50.2%

Hendricks

437

200

-54.2%

Jackson

74

52

-29.7%

Jennings

40

25

-37.5%

Johnson

417

187

-55.2%

Madison

342

186

-45.6%

Marion

2,618

1,677

-35.9%

Montgomery

114

51

-55.3%

Morgan

235

111

-52.8%

Putnam

104

51

-51.0%

Shelby

84

60

-28.6%

TOTAL

6,744

3,561

-47.2%

 

 


 

AVERAGE SALE PRICE

 

County

YTD
October 2019

YTD
October 2020

% Change

Bartholomew

$214,731

$227,602

6.0%

Boone

$337,162

$367,209

8.9%

Brown

$266,405

$329,355

23.6%

Decatur

$162,772

$169,069

3.9%

Hamilton

$337,573

$367,605

8.9%

Hancock

$221,860

$241,239

8.7%

Hendricks

$237,247

$257,862

8.7%

Jackson

$144,125

$168,366

16.8%

Jennings

$139,074

$144,356

3.8%

Johnson

$228,605

$246,895

8.0%

Madison

$129,436

$144,719

11.8%

Marion

$182,338

$207,613

13.9%

Montgomery

$142,320

$159,638

12.2%

Morgan

$202,149

$219,234

8.5%

Putnam

$176,207

$181,690

3.1%

Shelby

$154,028

$178,905

16.2%

TOTAL

$225,006

$250,464

11.3%

 

# # #

 

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.