For the fourth straight month, home sale prices in all nine Central Indiana counties year-to-date through October have increased over 2009 by an average of nearly 9 percent, according to sales statistics compiled by F.C. Tucker Company. Meanwhile, pended home sales are down -40.7 percent over October 2009, with an average of -9.7 percent for the year.
On a year-to-date basis, 19,319 homes have pended in the region through October, compared to 21,398 homes pended through October 2009. The average sale price for homes in Central Indiana year-to-date through October was $150,282. Of the 1,301 pended homes in the region last month, 51 were priced at $500,000 or more; 102 were priced at $300,000 to $499,999; and 1,148 were priced at $299,999 or less. More homes are on the market in the price range of $299,999 and under, while inventory is tightening slightly at prices of $300,000 and above.
The average days on the market decreased in all nine counties in October. On average, homes were on the market for 84 days year-to-date through October 2010 compared to 89 days year-to-date through October 2009. Shelby, Johnson and Madison counties experienced the biggest decrease in days on the market, selling on average 9 days faster than last year.
Overall, more homes were on the market last month compared to October 2009, with the number of listings up slightly at 0.6 percent with 15,588 homes for sale. Hamilton, Hancock, Hendricks, Johnson and Madison counties all experienced inventory increases, while Hendricks saw an increase of more than 10 percent. Boone, Marion, Morgan and Shelby counties had fewer homes for sale in October 2010 than in October 2009.
"The number of home sales in October 2009 was artificially high due to the federal housing stimulus package, so comparing this October to last October does not paint a true picture," said Jim Litten, president of F.C. Tucker Company. "That said, I am disappointed in last month's sales, but am optimistic that by the second quarter of 2011, we will see marked signs of improvement."
Contact Kammeyer Realty Group at 317-570-3800 or visit http://www.KammeyerRealtyGroup.com for more information on Indiana real estate market conditions.
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