Three counties show improvement in Central Indiana housing market
July statistics point to areas with improved sales, overall shrinking inventory

INDIANAPOLIS – While overall pended home sales remain lower on a month-to-month and year-to-date basis in Central Indiana, three Indianapolis-area counties reported higher sales than the same time last year, according to pended sales statistics compiled by F.C. Tucker Company.

July pended home sales in the nine-county area were down 3.1 percent overall with 2,267 homes pending compared to 2,339 in July 2008. Johnson County posted a 1.3 percent increase, followed by Marion County and Hamilton County, with 1.1 percent and .7 percent increase, respectively. Year to date, overall pended home sales are down 9.1 percent compared to the same timeframe in 2008.

Housing inventory in Central Indiana continued to drop in July with 16,223 homes on the market in the nine-county region, 3,267 fewer homes than in July 2008 – a 16.8 percent decrease overall in inventory. Marion County was the only county to experience above average inventory declines with a 21.5 percent decrease.

"While the Central Indiana real estate market continues to stabilize and improve, I believe the momentum we've gained in the past few months will carry through to the end of the year," said H. James Litten, president of F.C. Tucker Company's Residential Real Estate Services Division. "The economy is picking up, and we're seeing the light at the end of the tunnel."

Average year-to-date home sale prices, down 11.8 percent from the July 2008 year-to-date figures, have shown a steady improvement since January 2009. In January 2009, the average year-to-date home sale price was $118,438; in July 2009, it was $136,943.

A recent USA Today survey indicated two-thirds of economists believe existing-home sales have hit bottom. Also, consumer spending has stabilized. Such signals are prompting 37 percent of economists to predict a moderate or fast recovery.

Active listings - Inventory
County July
08 		July
09

 % Change

Boone

649

615

-5.2%

Hamilton

3,307

2,851

-13.8%

Hancock

722

626

-13.3%

Hendricks

1,437

1,230

-14.4%

Johnson

1,405

1,295

-7.8%

Madison

1,140

963

-15.5%

Marion

9,772

7,673

-21.5%

Morgan

665

608

-8.6%

Shelby

393

362

-7.9%
TOTAL

19,490

16,223

-16.8%

Pended single-family and condominium home sales
County June 08 June 09 % Change Year-to-Date % Change

Boone

88

74

-15.9%

-0.6%

Hamilton

455

458

0.7%

 -10.1%

Hancock

74

63

-14.9%

 -17.3%

Hendricks

192

189

-1.6%

 -7.4%

Johnson

157

159

1.3%

 -4.0%

Madison

156

116

-25.6%

 -4.0%

Marion

1,085

1,097

1.1%

 -9.9%

Morgan

89

74

-16.9%

 -8.5%

Shelby

42

37

-14.0%

 -24.6%

TOTAL

2,339

2,267

-3.1%

 -9.1%


Active listings - Over Time
Month Active Listings % Change

Jul-08

19,335

-7.4%

Aug-08

18,828

-10.9%

Sep-08

18,393

-12.2%

Oct-08

17,746

-12.7%
Nov-08

16,792

-13.0%
Dec-08 15,560 -14.3%
Jan-09 15,415 -14.5%
Feb-09 15,377 -14.3%
Mar-09 15,562 -15.6%
Apr-09 15,785 -16.9%
May-09 15,801 -18.0%
June-09 16,152 -17.5%
July-09 16,223 -16.8%

Average Sales Price
County YTD July 08 YTD July 09 % Change

Boone

$257,359

$224,708

-12.7%

Hamilton

$251,116

$224,758

 -10.5%

Hancock

$140,076

$129,801

 -7.3%

Hendricks

$161,859

$159,435

 -1.5%

Johnson

$147,717

$137,560

 -6.9%

Madison

$77,603

$70,356

 -9.3%

Marion

$106,589

$101,822

 -4.5%

Morgan

$135,201

$122,492

 -9.4%

Shelby

$103,174

$79,466

 -23.0%

TOTAL

$155,240

$136,943

 -11.8%

Home Prices Over Time
Month YTD Average Sales Price YTD % Change from Prior Year

Jan-09

$118,438

-12.6%

Feb-09

$120,880

-12.6%

Mar-09

$123,461

-12.4%

Apr-09

$123,813

-11.9%

May-09

$129,672

-9.5%

Jun-09

$135,408

-6.9%

Jul-09

$136,943

-11.8%

# # #

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

With more than $2 billion in annual sales, F.C. Tucker Company is Indiana's largest independently owned comprehensive real estate firm with 46 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company's family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and "Golden Rule" commitment to its clients and employees.

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