January home sales show slight increase
Central Indiana’s pended sales up in first month of ‘07

INDIANAPOLIS – Despite the holidays and cold weather, January’s pended residential real estate transactions were up 0.4 percent, compared with January 2006. January showed 2,283 pended home sales as compared with 2,274 during the same time period in 2006.

“While the momentum started in December of 2006 slowed slightly in the first month of this year, we did see a slight increase, which bodes well for the coming year,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Recent weather conditions will impact February sales, but as we head into March, home sales will remain on target with 2006.”

Morgan County experienced the most significant drop in January, with a 27.7 percent decline over January 2006. Boone County experienced the most significant growth with an increase of 38.2 percent from January 2006. Shelby and Madison counties also saw growth, up 20.0 and 18.3 percent respectively.

Pended single-family and condominium home sales

County

Jan-06

Jan-07

% Change

Boone

55

76

38.2%

Hamilton

407

350

-14.0%

Hancock

70

77

10.0%

Hendricks

185

185

0.0%

Johnson

159

158

-0.6%

Madison

104

123

18.3%

Marion

1,160

1,198

3.3%

Morgan

94

68

-27.7%

Shelby

40

48

20.0%

TOTAL

2,274

2,283

0.4%

At the end of 2006 there were signs the increased inventory of earlier months was slowing. The first month of 2007 continued this trend. Available inventory in January 2007 was under the 10 percent mark with only an 8.0 percent increase from the same time period in 2006.

“We continue to see the market re-align,” Litten said. “I anticipate this trend to continue and for the central Indiana real estate market to come back into balance in 2007.”

Active listings, Jan. 2005 vs. Jan. 2006

County

Jan-06

Jan-07

% Change

Boone

461

490

6.3%

Hamilton

2,504

2,683

7.1%

Hancock

607

625

3.0%

Hendricks

1,247

1,281

2.7%

Johnson

1,175

1,275

8.5%

Madison

1,264

1,143

-9.6%

Marion

8,017

9,024

12.6%

Morgan

583

590

1.2%

Shelby

328

367

11.9%

TOTAL

16,186

17,478

8.0%

The trend is occurring nationwide, according to the National Association of REALTORS® (NAR). The NAR’s Pending Home Sales Index for December 2006 rose 4.9 percent from November 2006, but remained down 4.4 percent from December 2005. The NAR stated that the increase between November and December 2006 was the “biggest increase since March 2004 when the index rose 6.9 percent.”

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on Feb. 5, 2007.

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 87 years ago, Tucker has 47 statewide offices: 30 affiliate offices throughout Indiana and 17 Indianapolis-area offices.

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