Real Estate News for Central Indiana

Home sales on the rise
Five of nine counties show increased sales over February 2007

INDIANAPOLIS – Home sales in Central Indiana are starting to improve as the spring home-buying season begins. February pended sales were up 0.9 percent compared to February 2007, according to pended sales statistics compiled by F.C. Tucker Company.

Overall in the nine-county region, 2,132 homes were pending in February 2008 compared to 2,113 in February 2007. It is the first time since April 2007 that pended sales have shown positive growth, which could indicate that the local housing market is starting to rebound.

Along with an increase in total February sales, five of the nine counties in the Indianapolis area posted an increase over February 2007. Hancock County reported 25 more homes pending than in February 2007, a 46.3 percent increase. Pended sales in Shelby County jumped 21.9 percent compared to February 2007. Morgan County pended home sales increased 19.6 percent.

To date, 4,079 homes have pended year to date, 6.1 percent less than the same time in 2007. The average sales price is down 4.1 percent from February 2007, decreasing from $143,174 to $137,363. Homes stayed on the market an average of 108 days, an increase from 92 days in February 2007.

"We hope February’s encouraging numbers are an indication that the local housing market is starting to turn around," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. "We’ll continue to review sales activity over the next few months to determine if this is a positive trend and if we are starting to gain momentum toward stronger sales in 2008.

"Presently, we are encouraged to see more prospective home buyers come off the sidelines and take a look at the inventory available. It shows that consumer confidence is improving."

Inventory is up 4.7 percent compared to February 2007. Litten said, "This may be an indication that more home sellers are entering the market in hopes of a strong spring-buying season."

County	Feb-07	Feb-08	% Change
Boone	53	43	-18.9%
Hamilton	390	383	-1.8%
Hancock	54	79	46.3%
Hendricks	176	167	-5.1%
Johnson	158	159	0.6%
Madison	128	114	-10.9%
Marion	1,071	1,087	1.5%
Morgan	51	61	19.6%
Shelby	32	39	21.9%
TOTAL	2,113	2,132	0.9%

County	Feb-07	Feb-08	% Change
Boone	487	514	5.5%
Hamilton	2,705	2,932	8.4%
Hancock	636	640	0.6%
Hendricks	1,252	1,357	8.4%
Johnson	1,243	1,253	0.8%
Madison	1,102	1,049	-4.8%
Marion	8,948	9,362	4.6%
Morgan	576	614	6.6%
Shelby	349	382	9.5%
TOTAL	17,298	18,103	4.7%

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on March 7, 2008.

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.