Central Indiana home sales up more than 7 percent in November

INDIANAPOLIS, IN – December 12, 2011 – (RealEstateRama) — More than 1,400 homes pended in November, with all but two Central Indiana counties reporting increased sales compared to the same time period last year, according to statistics compiled by F.C. Tucker Company. Overall, November 2011 pended home sales rose 7.2 percent over November 2010, an increase of 94 homes sold in the nine counties that F.C. Tucker tracks.

In November, Shelby County saw the largest increase in pended home sales which spiked 75 percent, raising the number of pended home sales to 35 from 20 in November 2010. Hancock and Johnson counties also experienced increases of 19.2 percent and 12.8 percent over November 2010, respectively. Home sales declined slightly in Boone and Hendricks counties.

“As the year comes to a close, we are poised to end in the slightly positive territory on a year-to-year basis of existing home sales in the Indianapolis area,” said Jim Litten, president of F.C. Tucker Company. “The year 2011 will likely be remembered in the Central Indiana real estate industry as a stabilizing period. We hit the market bottom in early 2011 and have been in a slow, steady recovery mode for the past six months.”

Available homes for sale in the nine-county region dropped 14.3 percent in November 2011 with 13,098 homes on the market, 2,182 fewer than in November 2010. All nine Central Indiana counties experienced varying inventory declines with Johnson County experiencing the greatest decrease in inventory at 21.7 percent. Boone County’s inventory was the most stable, down just 3.6 percent.

Overall, sales prices for the nine-county Central Indiana area increased by 1.5 percent. Tucker’s data indicates that five counties experienced slightly higher home sales prices than in November 2010. Year-to-date, Madison County led the way with a 2.1 percent increase in home sales prices, while Hamilton, Hancock, Johnson and Marion counties also reported gains. Hendricks County saw the largest decline of 3.4 percent. Shelby, Morgan and Boone counties also experienced modest decreases. The average year-to-date sales price for a home in the nine-county area was $152,530. Of the pended homes in the region last month, 33 were priced $500,000 or more; 91 were priced $300,000 to $499,999; and 1,283 were priced at $299,999 or less.

About FC Tucker
Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on December 7, 2011. 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.

With more than $2.1 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,300 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees.

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