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Indianapolis Market Watch for October 2008

By
Real Estate Agent with Sold By Hart!

2008 Decreasing home inventory still indicative of buyers’ market

 

INDIANAPOLIS – October housing statistics point to continued opportunities for buyers to take advantage of lower housing prices across Central Indiana, while a decrease in available inventory reduces competition among sellers, according to pended sales statistics compiled by F.C. Tucker Company.

 

“Contrary to perception,mortgage money is widely available and rates are quite good. Combined with a steady demand for housing, we are seeing the number of homes for sale in Central Indiana continue to drop,” said Donna Kreps, Executive Vice President of Tucker's Residential Real Estate Services Division. “Home buyers are still experiencing unprecedented opportunities throughout Central Indiana.”

 

Available homes for sale dropped 12.7 percent in October with 17,746 homes on the market, 2,582 fewer homes than in October 2007. Marion County experienced the greatest decrease in inventory at 18.5 percent.

 

Central Indiana homes are holding their value better than other real estate markets. The average year-to-date sales price for a home in the nine-county area was $145,779, 5.2 percent less than what was reported in October 2007. In comparison, the latest data from the National Association of REALTORS® reported the national average year-to-date sales price was 9 percent lower than the same period last year, as of September 2008.

 

Of the nine counties, Hancock County was the only one to experience an increase in homes sold in October, with a 23.8 percent increase in sales compared to the same time last year.

 

 

The average number of days on the market is 93 days, a 6.9 percent increase comparing year-to-date figures from 2007 and 2008. Hamilton County boasts the shortest amount of time – 83 days– for homes on the market through October 2008.

 

 

 

Pended single-family and condominium home sales

County

October

07

October

08

% Change

Year-to-date

% Change

Boone

78

38

-51.3%

-14.4%

Hamilton

398

289

-27.4%

-12.2%

Hancock

63

78

23.8%

-15.2%

Hendricks

154

138

-10.4%

-7.4%

Johnson

164

127

-22.6%

-13.2%

Madison

147

101

-31.3%

-15.1%

Marion

991

974

-1.7%

-10.6%

Morgan

67

61

-9.0%

-10.5%

Shelby

33

32

-3.0%

-7.6%

TOTAL

2,095

1,838

-12.3%

-11.3%

 

  

 

Active Listings -Inventory

County

October

07

October

08

% Change

Boone

603

641

6.3%

Hamilton

3,095

2,993

-3.3%

Hancock

714

676

-5.3%

Hendricks

1,522

1,280

-15.9%

Johnson

1,410

1,321

-6.3%

Madison

1,231

1,108

-10.0%

Marion

10,664

8,694

-18.5%

Morgan

683

651

-4.7%

Shelby

406

382

-5.9%

TOTAL

20,328

17,746

-12.7%

 

 

 Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on November 7, 2008. 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.

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