Central Indiana showed decline in February home sales
Pended home sales decreased, but spring months expected to bring change

INDIANAPOLIS – Pended home sales in central Indiana declined 13.6 percent as compared to February 2006, reflecting a trend of slow activity for this time of year. February 2007 showed 2,113 pended home sales, compared with 2,445 during the same time period in 2006. Year-to-date pended sales shows a modest 6.7 percent decline compared to the same time period last year.

"As expected, weather conditions over the past month have had a negative impact on February home sales," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. "February has traditionally been a slow time period for the home sales market, and the Colts’ Super Bowl win kept even more people home. However, as we head into the spring months, activity should pick up."

Madison County was the only county to experience a sales increase in February, with home sales up 10.7 percent from this same time last year. Hancock County experienced the most significant decline, with a decrease of 41.7 percent from February 2006 to 2007. Shelby County followed just behind with a 31.9 percent decrease.

Year to date Boone County experienced a sales increase of 12.8 percent as compared to the same time period last year. Madison County followed closely with an 11.9 percent increase on year to date sales.

Pended single-family and condominium home sales

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County

Feb-06

Feb-07

% Change

2006 YTD

2007 YTD

% Change

Boone

62

56

-9.7%

117

132

12.8%

Hamilton

463

356

-23.1%

870

726

-16.6%

Hancock

84

49

-41.7%

154

123

-20.1%

Hendricks

204

166

-18.6%

389

351

-9.8%

Johnson

186

151

-18.8%

345

306

-11.3%

Madison

122

135

10.7%

226

253

11.9%

Marion

1,201

1,116

-7.1%

2,361

2,302

-2.5%

Morgan

76

52

-31.6%

166

125

-24.7%

Shelby

47

32

-31.9%

87

81

-6.9%

TOTAL

2,445

2,113

-13.6%

4,715

4,399

-6.7%

Available inventory for February 2007 increased only slightly, up 0.2 percent from this same time last year. Madison County experienced the most significant decline, with a 17.1 percent inventory decrease from February 2006.

"We continue to see a leveling off of inventory," Litten said, "which is a strong indication that the market will only improve as the weather improves."

Active listings, Feb. 2006 vs. Feb. 2007

County

Feb-06

Feb-07

% Change

Boone

528

503

-4.7%

Hamilton

2,792

2,745

-1.7%

Hancock

657

626

-4.7%

Hendricks

1,368

1,277

-6.7%

Johnson

1,274

1,273

-0.1%

Madison

1,347

1,117

-17.1%

Marion

8,621

9,081

5.3%

Morgan

597

589

-1.3%

Shelby

340

348

2.4%

TOTAL

17,524

17,559

0.2%

According to the National Association of REALTORS® (NAR), the winter storms in February were expected to have a negative effect on home sales. The NAR’s Pending Home Sales Index for January 2007 was down 8.9 percent compared with January 2006. However, NAR says there is an “underlying pattern of stabilization in the housing market” and we should see a modest recovery from weather disruptions in the coming months.

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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on March 7, 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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