Central Indiana real estate market outperforms other regions of U.S.
August statistics point to areas with improved sales, overall shrinking inventory of homes for sale

INDIANAPOLIS – The Midwest continues to outperform other regions of the country, such as the Northeast and West, beleaguered by real estate challenges. Pending home sales in the Midwest showed a gain of 2.8 percent in July compared to the prior year, according to the latest data from National Association of REALTORS®. The gain is a sharp contrast to other regions of the U.S., which are reporting declines between 7.5 percent and 10.6 percent.

The strongest central Indiana markets are Madison and Shelby counties, both of which reported strong sales in August compared to the same time last year, according to pended sales statistics compiled by F.C. Tucker Company. The number of homes sold in Hendricks County last month was nearly identical to August 2007.

Madison County showed a second month of increased sales, with 132 homes sold for a 10.9 percent increase over the same period last year.

The shrinking housing inventory in the nine-county area is helping sellers by increasing demand, while buyers are enticed by mortgage rates hovering below 6 percent. In August, 18,828 homes were on the market – a nearly 11 percent drop – from 21,127 homes available in August 2007. Madison and Marion counties' inventory declined more than 15 percent.

The nine-county average sales price was $147,018, which is 5 percent lower compared to the same time last year. However, three counties, Boone, Madison and Shelby, all reported an increased average sales price, up to 5.2 percent higher.

"We are beginning to see more buyers in some areas of central Indiana and we're hopeful more will follow," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. "They are showing us what we’ve known all along – Indiana is a great place to live, and now is a great time to buy."

Pended single-family and condominium home sales

County

 August 07

August 08

% Change

Year-to-Date % Change

Boone

87

65

-25.3%

-15.0%

Hamilton

456

410

-10.1%

 -12.7%

Hancock

74

66

-10.8%

 -17.9%

Hendricks

194

193

0.5%

 -7.1%

Johnson

186

138

-25.8%

 -14.7%

Madison

119

132

10.9%

 -11.3%

Marion

1,151

1,096

-4.8%

 -12.2%

Morgan

82

80

-2.4%

 -14.4%

Shelby

52

57

9.6%

 -10.2%

TOTAL

2,401

2,237

-6.8%

 -12.3%

Active listings, August. 2006 vs. August. 2007

County

August 07

August 08

% Change

Boone

610

622

2.0%

Hamilton

3,295

3,163

-4.0%

Hancock

738

727

-1.5%

Hendricks

1,580

1,403

-11.2%

Johnson

1,443

1,373

-4.8%

Madison

1,323

1,113

-15.9%

Marion

11,052

9,379

-15.1%

Morgan

677

661

-2.4%

Shelby

410

387

-5.6%
TOTAL

21,127

18,828

-10.9%

# # #

Editor's Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on September 8, 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.

F.C. Tucker Company is the largest real estate firm in Indiana and is ranked among the largest independent real estate firms in the nation. Its family of businesses includes a full range of real estate services – mortgages, title insurance, relocation services, a full line of insurance products, auctioning, homeowner services vendors and warranty products. Started in Indianapolis 90 years ago, Tucker has 31 affiliate offices in Indiana, Kentucky and Florida, in addition to its 16 Indianapolis-area offices. We provide outstanding service to individuals and companies looking to buy or sell residential real estate, including first-time homebuyers, move-up and move-down buyers and sellers, relocating buyers and sellers, and investors.

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