Central Indiana home sales up nearly 12 percent in October

INDIANAPOLIS, IN – November 10, 2011 – (RealEstateRama) — More than 1,500 homes pended in October, with all but four Central Indiana counties reporting increased sales compared to the same time period last year, according to statistics compiled by F.C. Tucker Company. Overall, October 2011 pended home sales rose 11.8 percent over October 2010, an increase of 163 homes sold in the nine counties that F.C. Tucker tracks.

In October, Madison County saw the largest increase in pended home sales which spiked 113.5 percent, doubling the number of pended home sales to 111 from 52 in October 2010. Hancock and Hendricks counties also experienced increases of 47.7 percent and 33.6 percent over October 2010, respectively. Home sales declined slightly in four counties: Boone, Hamilton, Johnson and Morgan.

Available homes for sale in the nine-county region dropped 12.6 percent in October 2011 with 13,972 homes on the market, 2,019 fewer than in October 2010. All nine Central Indiana counties experienced varying inventory declines with Johnson County experiencing the greatest decrease in inventory at 19.9 percent. Hancock County’s inventory was the most stable, down just 4 percent.

Overall, sales prices for the nine-county Central Indiana area increased by 1.4 percent. Tucker’s data indicates that six counties experienced slightly higher home sales prices than in October 2010. Year-to-date, Madison County led the way with a 2.8 percent increase in home sales prices, while Hamilton, Hancock, Johnson, Marion and Shelby counties also reported gains. Hendricks County saw the largest decline of 2.5 percent. Morgan and Boone counties also experienced decreases of 1 and 0.3 percent, respectively. The average year-to-date sales price for a home in the nine-county area was $152,371. Of the pended homes in the region last month, 40 were priced $500,000 or more; 100 were priced $300,000 to $499,999; and 1,401 were priced at $299,999 or less.

“An increase in sales prices and tightening inventory are both signs of a stabilizing housing market,” said Jim Litten, president of F.C. Tucker Company. “Much of the positive movement that we are seeing is due, in part, to historically low mortgage rates.”

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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on November 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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