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Central Indiana home sales down in January

By
Real Estate Agent with F.C. Tucker Company

More than 1,250 Central Indiana homes pended in January, 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, January home sales decreased 12.2 percent, down 179 homes from January 2010. Increased homes sales were seen in Shelby County with a 6.9 percent increase and Boone County with a 4.8 percent increase. 

"As predicted the Central Indiana real estate industry experienced a slower January than last year," said Jim Litten, president of F.C. Tucker Company. "The first quarter of 2011 will be tough to compare to 2010 due to the increased sales driven by the federal tax credit last year. Once we're comparing apples to apples, we expect to see home sales statistics improving on a month-to-month basis beginning in April."

Tucker's data indicates that four of the nine Central Indiana counties saw increases in average home prices. Homes in Shelby County sold for an average of $80,261 in January 2011, a 36.1 percent increase over the same period last year. Also, Boone County showed a 32.5 percent increase in home prices, bringing the average to $239,431. The average year-to-date sales price for a home in the nine-county area was $137,913, which is 2.6 percent more than January 2010. Of the 1,288 pended homes in the region last month, 28 were priced $500,000 or more; 91 were priced $300,000 to $499,999; and 1,169 were priced at $299,999 or less.

Available homes for sale in the nine-county region dropped 2.7 percent in January 2011 with 14,138 homes on the market, 396 fewer homes than in January 2010. Inventory tightened in all price ranges compared to one year ago, especially in the $500,000 and over price range, which averaged 23.2 percent fewer homes on the market. Five counties experienced above average inventory declines. Shelby County experienced the greatest decrease in inventory at 12 percent, followed by Morgan and Marion counties with 5.9 percent and 5.4 percent, respectively.

The average days on the market increased over last year by 8.9 percent with an average of 98 days on the market. Morgan, Madison and Hendricks counties experienced decreases in the number of days on the market, selling on average 12 days faster than in 2010. Boone County saw the biggest increase in number of days on the market with an increase of 57 days over 2010. 

Contact Kammeyer Realty Group at 317-585-2802 or visit www.KammeyerRealtyGroup.com for current market conditions in the Indianapolis area.