Several Central Indiana Counties Post Home Sales Increases

INDIANAPOLIS — (April 13, 2009) — According to the latest RE/MAX of Indiana’s housing research, in March, five of the nine counties in the Indianapolis MSA marked positive pended homes sales versus March 2008. Overall March home sales fell 23.9 percent compared to March 2008, according to new monthly data prepared by RE/MAX of Indiana.

The average price of a single-family home in Indianapolis dropped 12.2 percent last month to $126,785 compared to March 2008. At $108,835, the March single-family home median price – the figure at which half of the homes sold for more and half sold for less – fell 7.2 percent year-over-year. March marked the second consecutive month of price increases.

“It is encouraging to see that five counties in the Indianapolis MSA – Boone, Hancock, Hendricks, Johnson, and Madison counties – all saw double-digit percentage increases in pending home sales, “ said Dan Breault, RE/MAX of Indiana Regional Director. “The Central Indiana housing market historically has shown some stability, even when much of the country has greater swings, up or down. This is one of the traits of the housing market in the Midwest. We see a lot of positives on the horizon, but at the same time realize we still have a way to go,” Breault noted.

RE/MAX finds sales of foreclosure properties, which typically sell below market prices, continued to place a drag on home prices last month. In March 2009, foreclosures made up 33 percent of all single-family home sales in the Indianapolis area compared to 27.5 percent one year earlier. However that is an improvement from January’s 45.0 percent share of single-family homes sales consisting of foreclosures. Part of that is attributed to a 20.8 percent month-over-month increase in overall property sales.

The median price of foreclosure sales reported in the BLC declined 11.0 percent from $59,105 to $52,250 on a year-over-year basis. The median price of traditional, non-foreclosure single-family homes dropped 7.2 percent from $117,250 to $108,935

Sales of all property types in Indianapolis for March totaled 1,635, off 23.9 percent compared to March 2008. Total dollar volume for properties sold during the month was $207 million versus $310 million one year earlier, a 33.1 percent decline.

March Monthly Market Comparison
According to RE/MAX of Indiana, the overall housing market for the month of March slipped considerably when all listing categories are compared to March of 2008. Total property sales and total dollar volume fell, as did average and median single-family home sales prices.

However, the number of available properties, or active listings, at the end of March decreased 14.9 percent from March 2008 to 15,650. That is 31 less active listings than January 2009 and considered an indication that inventory levels remain balanced.

Month-end pending sales – those listings expected to close within the next 30 days have edged up, hinting at a possible pickup of sales activity in coming months totaled 2,252, which was only 4.7 percent lower than last year. The month’s inventory of single-family homes for March came in at 8.14 months, up 2.4 percent from one year earlier. The national month’s inventory of single-family homes is approximately 10 months, according to the National Association of REALTORS® (NAR).

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Indianapolis Real Estate Milestones in March

-Month’s inventory of single-family homes increased from 7.95 to 8.14 months, remaining below the national average of approximately 10 months

-Active listings increased 2.4 percent, representing a generally balanced supply of housing inventory

-Median Home Prices increase for two consecutive months

Statistics pulled from Metropolitan Indianapolis Board of Realtors® Broker Listing Cooperative for the dates of 3/1/2009 – 3/31/2009 and 3/1/2008-3/31/2008

About RE/MAX of Indiana:

RE/MAX of Indiana is affiliated with RE/MAX International. Since its inception in 1987, RE/MAX of Indiana has grown to more than 90 offices with more than 1,300 sales associates throughout Indiana, providing residential and commercial real estate, as well as relocation and referral services. RE/MAX of Indiana’s Web address is www.remax-indiana.com.

Soure: RE/MAX of Indiana

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INDIANAPOLIS – Home sales in Central Indiana are starting to improve in some areas of Central Indiana as the spring home-buying season begins. According to pended sales statistics compiled by F.C. Tucker Company, nearly 2,300 Central Indiana homes pended in March, with five of the nine counties reporting significant increases compared to the same time last year.

Madison County posted the highest pended home sales increase over March 2008 with 33.6 percent, followed by Boone County with 30.5 percent. Other counties showing a rise in sales included Johnson County (14.6 percent), Hancock County (11.7 percent) and Hendricks County (9.9 percent).

“We hope the encouraging March numbers in select areas of central Indiana are an indication the local housing market is gaining momentum, and will continue to improve throughout the year,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “We are seeing more prospective home buyers, especially in the first-time buyer category, come off the sidelines and take a look at the inventory available. We are pleased to see overall Central Indiana inventory declining significantly, a 15.6 percent decrease over last year at this time. Less inventory and increased demand brings better balance and more consumer confidence to the market.”

To date, 5,466 homes have pended in 2009, 14.1 percent less than the same time in 2008. The average sales price is down 12.4 percent from March 2008, decreasing from $140,878 to $123,461.

Available homes for sale in the nine-county region dropped 15.6 percent in March 2009 with 15,562 homes on the market, 2,881 fewer homes than in March 2008. Four counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 21.4 percent, followed by Hendricks County with 19.3 percent, then Madison County and Shelby County with 18.7 percent and 17.6 percent, respectively.

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on April 7, 2009. 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.

With more than $2 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with 46 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.

Source: F.C. Tucker Company