Slight Decrease in Central Indiana Home Sales
Central Indiana’s housing market is taking a slight dip. F.C. Tucker Co. says February 2018 pended sales decreased by 0.7 percent compared to February last year, while the average home price increased 5.3 percent to $193,890.
It’s the first time in two years that fewer buyers purchased homes. Pended sales in February 2017 were 2,497, compared to 2,480 this year. Average homes actually sold faster and for more money than in February, which means it’s still a sellers market. Only Boone County, at 5.1 percent, saw a decrease in average year-to-date home prices. Hamilton County still ranks highest in average home prices at $304,235. Madison County experienced the highest price increase, at 19.2 percent.
F.C. Tucker Chief Executive Officer Jim Litten says “The continued decrease of listings hinted at an eventual decrease in pended sales in Central Indiana.” “The National Association of REALTORS reports pending home sales are decreasing around the country, but home sales should bounce back thanks to job and wage growth.”
Morgan County showed the most growth with a 20-percent increase in homes sold, but Jennings County experienced a decrease of 40.9 percent compared to 2017. Listings continue to drop in the region, with a decrease of 22.9-percent. No counties experienced an increase in inventory, but Putnam County saw the smallest reduction at 7.3 percent.