Central Indiana home sales decline in March
Winter weather impacted home sales, but spring is just around the corner

INDIANAPOLIS – Pended home sales in central Indiana declined 10.8 percent in March 2007 as compared to March 2006, but showed improvement compared to February. March 2007 showed 2,763 pended home sales, compared with 3,097 this time last year. Year-to-date pended sales shows a modest 8.9 percent decline compared to March 2006.

"We’re transitioning into spring and the peak season for home-buying," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. "As we leave the winter weather behind, the market will continue to improve and homes will begin to sell more quickly."

Shelby County experienced the most significant sales increase last month, with pended home sales up 34.9 percent from March of last year. Hancock was the only other county to see an increase, up 10.6 percent from the same time period last year. The most significant decline was in Morgan County, with a 25.2 percent decrease as compared to March 2006.

Year to date, Boone, Madison and Shelby Counties have all experienced an increase, with sales up 3.1 percent, 4.7 percent and 6.2 percent respectively, compared with March of last year.

Pended single-family and condominium home sales

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County

March-06

March-07

% Change

2006 YTD

2007 YTD

% Change

Boone

78

73

-6.4%

195

301

3.1%

Hamilton

575

529

-8.0%

1,445

1,278

-11.6%

Hancock

104

115

-10.6%

258

242

-6.2%

Hendricks

243

191

-21.4%

632

547

-13.4%

Johnson

239

191

-20.1%

584

511

-12.5%

Madison

160

158

-1.3%

386

404

4.7%

Marion

1,552

1,371

-11.7%

3,913

3,595

-8.1%

Morgan

103

77

-25.2%

269

202

-24.9%

Shelby

43

58

-34.9%

130

138

-6.2%

TOTAL

3,097

2,763

-10.8%

7,812

7,118

-8.9%

Available inventory for March 2007 increased by 6.5 percent compared to March 2006. Madison County experienced the most significant decline, with a 15.5 percent inventory decrease from this same time last year.

"As we continue to see low levels of inventory increases, the market will continue to level off and move closer to a balanced market," Litten said.

Active listings, Feb. 2006 vs. Feb. 2007

County

March-06

March- 07

% Change

Boone

528

519

-1.7%

Hamilton

2,792

2,929

4.9%

Hancock

657

663

0.9%

Hendricks

1,368

1,377

0.7%

Johnson

1,274

1,370

7.5%

Madison

1,347

1,138

-15.5%

Marion

8,621

9,657

12.0%

Morgan

597

634

6.2%

Shelby

340

368

8.2%

TOTAL

17,524

18,655

6.5%

According to the National Association of REALTORS® (NAR), the unusually bad weather in February is most responsible for the performance in pending home sales. The NAR’s Pending Home Sales Index for February 2007 was down 8.5 percent compared with February 2006. NAR says the data suggests an underlying stabilization is taking place in the housing market, but it will take another month or two to clarify.

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Editor's Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on April 9, 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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