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October Central Indiana pended home sales show market strength INDIANAPOLIS – The central Indiana residential real estate market continues to keep pace with 2005’s record-setting year, with year-to-date pended home sales only 0.6 percent off the mark compared with last year at this time. What’s more, October pended home sales across the nine-county region are up 1.3 percent versus October 2005, with 2,443 homes sold. On the national level, existing home sales are far bleaker. While much of the rest of the country is reeling from a fast-cooling market after years of accelerated growth and inflated sales prices, central Indiana is holding steady. In fact, national pended home sales in September 2006 dipped 1.1 percent from the previous month, and are down 13.6 percent from September 2005, according to the National Association of Realtors’ (NAR) Pending Home Sales Index, released Nov. 1. The September 2006 index in the Midwest was up 2.1 percent from the previous month, but is down 18.4 percent from a year ago. “There’s a lot of pessimism surrounding the real estate market right now, but the reality in central Indiana is that home sales continue at record levels,” said H. James Litten, president of F.C. Tucker Company’s residential real estate services division. “Last year was the best year in Indianapolis real estate history, and the statistics clearly show that 2006 is on path to be the second-best year ever.” Madison County was October’s top performer with 193 homes pended, which is a 65-percent increase over October 2005. Morgan and Shelby Counties also fared well, with 12.2- and 16.7-percent increases, respectively. On the year, Madison County also leads the way, up 9.3 percent compared with a year ago. The other eight counties are keeping steady pace with last year’s figures. Pended single-family and condominium home sale Average closed home sales prices also are right on track with last year. The average sales price for an Indianapolis-area home in October 2006 was $152,354 – down a mere 2 percent from the $155,512 posted last October. Another positive indicator: Central Indiana’s housing inventory is showing signs of leveling off. For the third straight month, the inventory surplus has declined. For October, there were 10.2 percent more homes on the market than in October 2006. Previous months this year have shown surpluses upwards of 19 percent. Further, the greatest inventory amount is in homes listed at $500,000 or more, a price point that is not indicative of the area’s overall housing market. In fact, October’s inventory of homes under $300,000 is up only 9 percent compared with last year. Active listings, Oct. 2005 vs. Oct. 2006 Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on Nov. 7-8, 2006. |
