Three Central Indiana counties see increase in home sales
Decreasing housing inventory, stable sales prices assist sellers, but still a buyer’s market

INDIANAPOLIS – While overall home sales remain lower on a month-to-month and year-to-date basis in Central Indiana, three Indianapolis-area counties reported higher sales in December 2008 than the same time in 2007, according to finalized pended sales statistics compiled by F.C. Tucker Company. Hancock, Johnson and Marion counties showed improvement over other counties in the nine-county region F.C. Tucker serves.

Available homes for sale dropped 14.3 percent in December 2008 with 2,605 fewer homes on the market than in December 2007. Total homes available for sale at year-end were 15,600. Marion County and Hendricks County experienced the greatest decrease in inventory at 19.2 percent each.

Current interest rates are hovering around 5 percent for a 30-year, fixed-rate loan, and with the Federal Reserve's MBS (mortgage-backed securities) buying program in full swing, many experts believe that mortgage rates will stay down for the foreseeable future.

"We continue to be encouraged by the decline in inventory in Central Indiana," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. "As available inventory declines, we hope to see pricing firm up. Also, as interest rates remain historically low, consumer confidence will continue to grow."

Homes remained on the market an average of 92 days in December, only a 2.2 percent increase comparing year-to-date figures from 2007 and 2008. Four counties – 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.

Madison County also showed a 7.4 percent increase in average home sales price in December 2008, compared to December 2007. Home inventory in the county decreased 7.9 percent over the same timeframe. Litten is optimistic the trend will continue into 2009.

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%

Active listings, Dec. 2007 vs. Dec. 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%

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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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