F.C. Tucker reports average home prices continue to climb, time on market decreases

INDIANAPOLIS – F.C. Tucker Company’s monthly real estate market stats indicated the housing market is still going strong. January 2017 pended sales were up 11.7 percent compared to January 2016. Similarly, the average year-to-date home price for the 15-county Central Indiana region rose 7.1 percent to $180,866.

With the New Year came new resolutions of home ownership which contributed to 2,109 homes sold in Central Indiana, an increase from 1,851 homes sold in December. Hendricks and Hamilton counties showed the largest increase in the number of homes sold among suburban counties. In January, 10 of the 15 counties that F.C. Tucker tracks experienced an increase in sales. Specifically:

• Hendricks and Hamilton counties displayed significant growth in homes sold. Hendricks County’s sales increased by 40.3 percent in January 2017 compared to January 2016, and Hamilton County’s sales increased 28.5 percent.

• Putnam and Montgomery counties’ pended sales, in contrast, decreased by 47.5 percent and 36.8 percent, respectively, compared to January 2016.

In keeping with the previous month’s trends, homes sold more quickly and for more money in January, signaling a strong seller’s market.

• The average year-to-date price in the 15-county region increased 7.1 percent, now at $180,866.
• Hamilton County’s average home price, at $276,256, surpassed Boone County for the first time in nine months. Boone County came in a close second, however, at an average price of $274,896.
• Worth noting, three counties showed significant dips in average home prices. Decatur County’s average home price dropped a staggering 30.9 percent, while Shelby and Madison counties’ average home prices declined 17.6 and 13.5 percent respectively.
• Homes sold in 78 days on average. Jennings County homes were the fastest-selling in the market at 66 days. Homes in Madison County were close behind, selling in 70 days on average. Hamilton and Boone counties, similarly, each sold in 72 days on average.

Listings dropped a significant 19.2 percent; 7,558 homes were on the market in January 2017, a decrease of 1,798 from the same time in 2016.

• Morgan County’s inventory dropped 33.1 percent, representing 118 fewer listings compared to January 2016.
• Conversely, Jennings County had an additional 29 listings in January, an increase of 80.6 percent.

“Home prices have surpassed pre-Recession levels,” said Jim Litten, CEO of F.C. Tucker Company. “Although mortgage rates are projected to rise to 5 percent in 2017, we don’t expect this minimal increase to have a huge impact on the market as a whole.”

Of the pended home sales in the region last month, seven were priced $1,000,000 to $1,999,999; 74 were priced $500,000 to $999,999; 259 were priced $300,000 to $499,999; 353 were priced $200,000 to $299,999; 889 were priced $100,000 to $199,999; and 527 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 Feb. 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.

Download the entire Market Report: Market Watch 2.21.17