Homes sales decline, inventory still low, average prices up in Hamilton County
June real estate in central Indiana shows a continued lack of inventory and declining home sales
Home sale price increases slowed and available housing inventory decreased, as the central Indiana residential real estate market continued to see increased activity in June. According to F.C. Tucker Company, part of the Howard Hanna family of companies, in June 2023, central Indiana housing inventory decreased 5.7 percent, compared to June 2022. Pended home sales decreased 20.7 percent, and year-to-date home sale prices increased 5.3 percent.
The average June 2023 home sale price for the 16-county central Indiana region was $316,590, a decrease of 6.7 percent compared to June 2022.
Pended home sales decreased, down 20.7 percent compared to this time last year.
Available housing inventory decreased, down 5.7 percent compared to June 2022.
In June 2023, 3,259 central Indiana homes were purchased, down 20.7 percent from the 4,109 sold in June 2022. Specifically:
· Decatur County experienced the greatest increase in pended home sales in June 2023, up 33.3 percent compared to this time last year.
· Jackson County pended sales had the greatest decrease with 27.1 percent fewer homes sold in June 2023 compared to June 2022.
Central Indiana year-to-date home sale prices increased slightly, up 5.3 percent overall:
· Brown County recorded the highest average year-to-date home sale price increase at 20.1 percent.
· Hamilton County had the highest average year-to-date home sale price in the region at $496,268.
· Homes sold in 51 days on average, which is 183.3 percent slower than in 2022, and all homes in central Indiana remained on the market longer than they did in June 2022. Jennings County homes remained on the market 23.3 percent, or seven days, longer than in 2022 – selling the fastest in the 16-county central Indiana area.
Central Indiana experienced a 5.7 percent decrease in overall available home inventory in June 2023, compared to June 2022, with 210 fewer homes available for sale.
· Johnson County had the largest inventory increase – up 26.9 percent compared to June 2022.
· Jennings County experienced the largest decrease in inventory – down 62.5 percent compared to this time last year.
“Home sale prices are returning to more normal levels, federal interest rates remain unchanged, and consumer confidence continues to improve,” said Jim Litten, president of F.C. Tucker Company. “These factors all contributed to an active central Indiana residential real estate market in June.”
Of the pended home sales in the region last month, 11 were priced $2,000,000 or higher; 56 were priced $1,000,000 to $1,999,999; 403 were priced $500,000 to $999,999; 1,051 were priced $300,000 to $499,999; 928 were priced $200,000 to $299,999; 667 were priced $100,000 to $199,999; and 143 were priced at $99,999 or less.
Editor’s Notes:
· All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on July 5, 2023. Because of delayed processing through other agencies or boards, these numbers are subject to change.
· Effective April 7, 2019, data from MIBOR only reports on single family homes and excludes condo sales. F.C. Tucker will continue to include condo sales in this report.
· “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.
· “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer is a status in the BLC® listing service in order to present a true picture in advertising and marketing. Those listings that were in the "Active with Contingency" status have been moved from the "Active" status to the "Pending" status.
· For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report tracking Jackson County data was pulled August 7, 2019.