Central Indiana housing market continues to show decline
Mid-year pended home sales down from last year

INDIANAPOLIS – Residential real estate sales in Central Indiana continue to experience a decline compared to sales in 2006. At mid-year, 15,922 pended home sales were reported, a 5.7 percent decrease from 16,879 for the same time period in 2006, according to data compiled by F.C. Tucker Company. In June, 2,821 pended home sales were reported compared to 3,064 in June 2006, a 7.9 percent decline.

For the first half of the year, the average home sales price for the nine-county region was $153,366, a slight decrease from the $154,789 during the same time period last year.

Despite the slow sales, residential real estate in central Indiana should start to rebound in the coming months, said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division.

"Recent increases in mortgage applications are great indicators that our market is showing signs that sales will improve," Litten said. "Unlike several major cities experiencing slow home sales, central Indiana has a growing economy on its side, which puts us on track to gain some momentum by the end of the year."

Of the nine Indianapolis-area counties, only Madison and Shelby counties experienced increased pended home sales compared to 2006. Sales in Madison County rose 4.8 percent; Shelby County pended home sales increased by 1.5 percent. The most significant decline mid-year was reported in Morgan County with pended sales down 11.4 percent.

Pended single-family and condominium home sales

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County

June-06

June-07

% Change

2006 YTD

2007 YTD

% Change

Boone

89

82

-7.9%

455

446

-2.0%

Hamilton

601

528

-12.1%

3,283

2,959

-9.9%

Hancock

102

97

-4.9%

546

537

-1.6%

Hendricks

284

203

-29.3%

1,408

1,288

-8.5%

Johnson

216

192

-11.1%

1,217

1,156

-5.0%

Madison

149

194

30.2%

879

921

4.8%

Marion

1,479

1,397

-5.5%

8,258

7,866

-5.1%

Morgan

88

80

-9.1%

536

475

-11.4%

Shelby

53

48

-9.4%

270

274

1.5%

TOTAL

3,064

2,821

-7.9%

16,879

15,922

-5.7%

Of the nine Indianapolis-area counties, only Madison and Shelby counties experienced increased pended home sales compared to 2006. Sales in Madison County rose 4.8 percent; Shelby County pended home sales increased by 1.5 percent. The most significant decline mid-year was reported in Morgan County with pended sales down 11.4 percent.

Active listings, June. 2006 vs. June. 2007

County

June- 06

June- 07

% Change

Boone

591

611

3.4%

Hamilton

3,226

3,275

1.5%

Hancock

731

736

0.7%

Hendricks

1,524

1,539

1.0%

Johnson

1,474

1,406

-4.6%

Madison

1,440

1,296

-10.0%

Marion

9,629

10,751

11.7%

Morgan

690

692

0.3%

Shelby

418

464

3.8%

TOTAL

19,732

20,740

5.2%

 

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