Madison County housing shows significant improvement
Shrinking home inventory and climbing sale prices look favorable for sellers

INDIANAPOLIS – Madison County showed the only increase in average home sales price in the nine county Central Indiana region, according to December 2008 pended sales statistics compiled by F.C. Tucker Company. Up 7.4 percent in December 2008 compared to the same time in 2007, the average home price in Madison County was $83,954.

Homes remained on the market for an average of 92 days in December, only a 2.2 percent increase comparing year-to-date figures from 2007 and 2008. Four counties in Central Indiana – Hancock, Hendricks, Johnson and Madison – showed a decrease in days on the market, compared to December 2007. Madison County boasted the largest change, shaving off an average of six days on the market.

Available homes for sale in Central Indiana dropped 14.3 percent in December with 2,605 fewer homes on the market than in December 2007. Total homes available for sale at year-end were 15,560. Madison County experienced a 7.9 percent drop in active listings, from 1,084 homes to 998.

"In December, homes in Madison County were selling more quickly and at a higher sales price than a year ago," said Ken Miller, co-owner of F.C. Tucker/O.C. Clark, REALTORS® in Anderson. "We believe buyers were responding favorably to the lower interest rates and the affordable homes in this area."

Current interest rates are hovering around 5 percent for a 30-year, fixed-rate loan. Miller said, "This is great news for those planning to buy a home or looking to refinance. With the Federal Reserve's MBS (mortgage-backed securities) buying program in full swing, we believe that mortgage rates will stay down for the foreseeable future."

Active listings, Nov. 2007 vs. Nov. 2008

County

Dec. 07

Dec. 08

% Change

Boone

516

543

5.2%

Hamilton

2,808

2,609

-7.1%

Hancock

644

594

-7.8%

Hendricks

1,336

1,080

-19.2%

Johnson

1,262

1,159

-8.2%

Madison

1,084

998

-7.9%

Marion

9,519

7,695

-19.2%

Morgan

614

562

-8.5%

Shelby

382

320

-16.2%
TOTAL

18,165

15,560

-14.3%

Pended single-family and condominium home sales

County

 Dec 07

Dec 08

% Change

Year-to-Date % Change

Boone

42

41

-3.4%

-14.3%

Hamilton

237

225

-5.1%

 -11.3%

Hancock

56

58

3.6%

 -14.6%

Hendricks

125

92

-26.4%

 -7.8%

Johnson

112

118

5.4%

 -12.0%

Madison

83

66

-20.5%

 -15.7%

Marion

729

746

2.3%

 -10.4%

Morgan

40

39

-2.5%

 -9.9%

Shelby

28

26

-7.1%

 -9.1%

TOTAL

1,452

1,411

-2.8%

 -11.0%

 

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Editor's Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on January 7, 2009. 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.

F.C. Tucker Company is the largest real estate firm in Indiana and is ranked among the largest independent real estate firms in the nation. Its family of businesses includes a full range of real estate services – mortgages, title insurance, relocation services, a full line of insurance products, auctioning, homeowner services vendors and warranty products. Started in Indianapolis 91 years ago, Tucker has 29 affiliate offices in Indiana, Kentucky and Florida, in addition to its 14 Indianapolis-area offices. We provide outstanding service to individuals and companies looking to buy or sell residential real estate, including first-time homebuyers, move-up and move-down buyers and sellers, relocating buyers and sellers, and investors.

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