The chaotic residential real estate market remains a sellers’ market in Indiana and industry observers see no signs of things changing any time soon. “I’ve never seen anything like it in my career,” said F.C. Tucker Co. Chief Executive Officer Jim Litten, who adds sellers continue to get multiple offers above list price and inventory remains extremely tight, down more than 37 percent from a year ago.
“The only thing that’s going to change it is if the economy slows down, interest rates go up, maybe unemployment goes up, but of course, unemployment is going down and consumer confidence is going up,” said Litten.
Despite the fact that inventory remains tight, statistics provided by Tucker show new listings are up 2%.
Additional statistics provided by Tucker:
- pended sales up 3.2%
- closed sales up 10.4%
- average sales prices up 14.1% to $273,148 (up $33,667 from 2020)
- average days on market, 22 compared to 41 in 2020
Tucker, the state’s largest and oldest independent real estate company, with roots dating back more than 100 years, announced last week it has been acquired by Pittsburgh-based Howard Hanna Real Estate Services, the nation’s largest independent real estate firm.
Litten says the deal represents a partnership between two firms that have been friends for more than a decade and will bring the benefits of size. “The benefit to us is that it puts us on a bigger format, it’s going to give us more relocation leads, bigger tech platforms and all the other things that bigness brings,” said Litten.
Under terms of the deal, CEO Litten, President Pat Purdue and Residential Real Estate Services President Donna Kreps, will continue to lead F.C. Tucker under its current name.