|
Central Indiana Pended Home Sales Rise Steadily in May
Increased housing inventory, competitive market keep sales moderate
The summer home sales season in the nine-county central Indiana region is beginning a steady ascent, with pended home and condominium sales up 3.4 percent in May. With 3,322 homes and condos pended last month compared with 3,213 in May 2005, area real estate appears to be starting its normal summertime ascent, albeit gradual. Pended sales in the Indianapolis area remain strong on the year, as well – up 2.5 percent, with 338 more homes sold this year than last.
“For years, May through August has typically accounted for about 40 percent of yearly home sales, and the numbers we’re seeing from last month indicate that we should begin seeing our usual summer upswing,” said H. James Litten, president of F.C. Tucker’s Residential Real Estate Services Division. “But, even with this positive news, the biggest challenge in the market is the increased number of homes for sale. So, while home sales in May 2006 versus May 2005 are comparable, the greater housing inventory is making the market more competitive.”
At the end of May 2005 there were 16,316 homes and condos for sale. Housing inventory at the end of last month was up sharply, with 19,067 homes and condos on the market – nearly a 17-percent increase.
| Counties |
May '05 |
May '06 |
%Change |
'05 YTD |
'06 YTD |
%Change |
|
|
|
|
|
|
|
| Boone |
93 |
90 |
-3.2% |
370 |
366 |
-1.1% |
| Hamilton |
615 |
667 |
8.5% |
2,529 |
2,589 |
2.4% |
| Hancock |
97 |
97 |
0.0% |
454 |
443 |
-2.4% |
| Hendricks |
269 |
274 |
1.9% |
1,091 |
1,141 |
4.6% |
| Johnson |
234 |
212 |
-9.4% |
1,025 |
982 |
-4.2% |
| Madison |
149 |
233 |
56.4% |
728 |
716 |
-1.6% |
| Marion |
1,582 |
1,610 |
1.8% |
6,707 |
6,914 |
3.1% |
| Morgan |
118 |
99 |
-16.1% |
428 |
541 |
26.4% |
| Shelby |
56 |
40 |
-28.6% |
238 |
216 |
-9.2% |
| Total |
3,213 |
3,322 |
3.4% |
13,570 |
13,908 |
2.5% |
Madison County had an impressive May, with home sales jumping more than 56 percent last month versus the same time period last year. Hamilton and Marion Counties also fared well, with 8.5-percent and 1.8-percent increases, respectively. Shelby County saw the sharpest decline, dropping 28.6 percent in May 2006.
Year to date, Morgan County leads the way having sold 551 homes and condos in 2006, compared with 428 in the first five months of 2005. Hendricks and Marion Counties also are performing well, up 4.6 percent and 3.1 percent, respectively.
Nationally, pended home sales in April 2006 slumped again, down 3.7 percent from the previous month and are down 11.7 percent from April 2005, according to the National Association of Realtors’ Pending Home Sales Index, released June 1. The Midwest fell 5.6 percent in April 2006 and was 16.6 percent below a year ago.
>>Back to News Room
Editor's Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on June 8, 2006.
|
