November Home Sales Increase
F.C. Tucker reports 7.6 percent increase in November home sales Positive momentum continues through the final months of 2016
INDIANAPOLIS – F.C. Tucker Company’s monthly real estate market stats show pended home sales jumped 7.6 percent last month compared to November 2015. The 15-county Central Indiana region experienced sustained growth, with year-to-date pended home sales up 5.7 percent and average home prices climbing 3.0 percent to $188,072.
Month to date, more than 2,000 homes sold in Central Indiana, with Hamilton County showing the largest increase in the number of homes sold among the suburban counties. In November, home sales improved in 13 of the 15 counties that F.C. Tucker tracks. Boone County’s sales increased by 43.4 percent in November 2016 compared to November 2015.
Homes sold more quickly and for more money in November, both signs that the seller’s market continues.
- The average year-to-date price in the 15-county region increased 3.0 percent, now at $188,072.
- Boone County’s average home price, at $291,395, remained the highest of all counties that F.C. Tucker monitors. Zionsville, in Boone County, had the highest average sales price of all cities in the region. Its year-to-date average of $403,487 was 8.2 percent higher than November 2015.
- Only three counties showed a slight dip in average home prices: Putnam County’s average home price dropped 6.7 percent, while Bartholomew and Jennings counties’ average home prices were nearly level with 2015, declining just 1.0 and 0.6 percent respectively.
- Homes sold in 70 days on average. Johnson County homes were the fastest-selling in the market at 63 days. Homes in Hamilton and Hendricks counties, similarly, sold in 64 and 65 days on average.
Listings have fallen 17.2 percent; 9,166 homes were on the market in November, a decrease of 1,899 homes.
“Inventory will continue to be tight, and buyers will need to continue to be decisive,” said Jim Litten, CEO of F.C. Tucker Company. “In this fast-paced market, multiple offers should be expected.”
Of the pended home sales in the region last month, one was priced above $2,000,000; seven were priced $1,000,000 to $1,999,999; 71 were priced $500,000 to $999,999; 214 were priced $300,000 to $499,999; 334 were priced $200,000 to $299,999; 885 were priced $100,000 to $199,999; and 557 were priced at $99,999 or less.
- All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on Dec. 14, 2016. 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.
Read the entire F.C. Tucker Market Watch: market-watch-12-2016