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Central Indiana pended home sales mirror record year INDIANAPOLIS – The central Indiana residential real estate market continues to be impervious to the sharp downturns that have befallen much of the country. In fact, the Indianapolis area remains on path for its second best year in history. Pended monthly home sales for November 2006 outpaced November 2005 by a tenth of a percent, with 2,096 pending transactions last month versus 2,094 during the same time a year ago. Year to date, pended sales are down only 0.6 percent versus last year. “Like politics, all real estate is local,” said H. James Litten, president of F.C. Tucker’s Residential Real Estate Services Division. “While volatile markets on the coasts are feeling the effects of a quickly correcting market, central Indiana remains rock-solid.” On the national scene, the National Association of REALTORS® (NAR) Pending Home Sales Index (released Dec. 4) reports October 2006 pended sales dropped 13.2 percent compared with October 2005. The index also shows the Midwest as a whole is down, having dropped more than 15 percent in October. Locally, only two of the nine Indianapolis area counties saw decreases in November. Madison County continues to be a top performer, both in monthly and year-to-date pended sales. The county had 134 homes pended in November 2006 – up nearly 30 percent compared with November 2005. Madison also leads the way among the other eight counties with a 10-percent increase in year-to-date pended sales. Morgan County had a strong November, up 36.8 percent versus November 2005. Hamilton County remains the big surprise, with monthly pended home sales down an even 15 percent and year-to-date numbers down 2.3 percent. Pended single-family and condominium home sale
The inventory of available listings is still up over last year. However, inventory figures across the board continue to show signs of leveling – the inventory surplus has dropped to a single-digit increase at just over 9 percent for the nine-county region. “We haven’t found that equilibrium between buyers and sellers quite yet, but we anticipate the market to level off in 2007,” Litten added. “Not only is the inventory surplus showing some early signs of tempering, overall economic indicators are positive. With unemployment down, wages up and home prices flattening, more buyers will inevitably reenter the market and we’ll begin to see greater balance.”. Active listings, Oct. 2005 vs. Oct. 2006
Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on Dec. 7, 2006. |
