Central Indiana home sales down in February

More than 1,400 Central Indiana homes pended in February, with two of nine Central Indiana counties reporting increased sales compared to the same time period last year, according to sales statistics compiled by F.C. Tucker Company. Overall, February year-to-date home sales decreased 16.7 percent, down 567 homes from the same period in 2010. Increased home sales were seen in Morgan and Shelby counties with a 16.1 and a 4.9 percent increase year-to-date, respectively.  

"We are continuing to see a slower first quarter of 2011 than 2010, as we predicted," said Jim Litten, president of F.C. Tucker Company. "The first three months of 2010 were unusual due to the federal tax credit that spurred sales. As the employment outlook improves and the traditional real estate sales season begins, we expect positive gains month-over-month starting the second quarter of this year."

Tucker's data indicates that all but four of Central Indiana's nine counties saw increases in average home prices. Shelby and Madison counties experienced the highest increases in home sales with a 13.7 and 16.6 percent increase year-to-date, respectively. Homes in Shelby County sold for an average of $83,427 and in Madison County sold for an average of $72,077 in February 2011. The average year-to-date sales price for a home in the nine-county area was $139,019, which is 1.8 percent more than February 2010. Of the 1,473 pended homes in the region last month, 26 were priced $500,000 or more; 83 were priced $300,000 to $499,999; and 1,364 were priced at $299,999 or less.

Available homes for sale in the nine-county region dropped 3.6 percent in February 2011 with 14,259 homes on the market, 539 fewer than in February 2010. Inventory tightened in all price ranges compared to one year ago, especially in the $500,000 and over price range, which averaged 23.4 percent fewer homes on the market. Three counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 6.6 percent, followed by Madison and Shelby counties with 6.4 percent and 4.5 percent, respectively.

Contact Kammeyer Realty Group at 317-570-3800 for more information on the Indianapolis area real estate conditions or visit us at www.KammeyerRealtyGroup.com.