Indy-area housing market continues to gain strength

Housing sales grow for 12th consecutive month as seller's market continuesThe Indy-area housing market continues to grow throughout the metro area. April 2017 pended sales climbed 5 percent compared to April 2016, while the average year-to-date home price for the 15-county central Indiana region rose 6.8 percent to $188,583.

It continues to be a seller’s market, as homes not only sold more quickly, but they sold for more money in April. • Hamilton County again ranked highest with average home prices at $293,400. Boone County’s average home prices came in at $285,069. • Two counties showed slight dips in average home prices. Jennings County’s average home price dropped 3.5 percent, while Shelby County’s average home price declined 2.9 percent. Listings dropped a significant 21.2 percent. In April 2017, inventory stood at 7,902 homes, a decrease of 2,127 from the same time in 2016. • Morgan and Montgomery counties’ inventory dropped 28.3 percent and 28.2 percent respectively, representing 104 and 51 fewer listings compared to April 2016.

We're heading into the most popular housing market of the year. Sellers who have their homes in showing condition and priced right, should see brisk activity. At the same time, buyers need to have financing in place and be ready to make offers. It's not going to be unusual for houses in the hottest cities and neighborhoods to sell within hours or for houses to receive multiple offers.

Of the pended home sales in the region last month, one was priced above $2 million. It is a 9,600-square-foot home in Williams Creek in Indianapolis' Washington Township. Here's a peak inside that house.

Home sold in Indianapolis
Home sold in Indianapolis

Six houses pending were priced between $1 million to $1.9 million. Two were in Carmel, including a new home in Towne Oak Estates and a home in Woods at Lions Creek, one was in Bridgewater in Fishers, one in Clifden Pond in Zionsville, one in Williams Creek in Indianapolis and one in Columbus.

Of the other homes pended in April, 100 were priced $500,000 to $999,999; 397 were priced $300,000 to $499,999; 653 were priced $200,000 to $299,999; 1,446 were priced $100,000 to $199,999; and 699 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 May 15, 2017. Because of delayed processing through other agencies or boards, these numbers are subject to change. “Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Active listings include “Active with Contingency Status” filings, which includes homes listed as Pending First Right of Refusal and/or Backup Pendings due to Contract, Financing, Inspection or Other. “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. For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby.