Central Indiana housing market shows decline in May
Pended home sales down from last year

INDIANAPOLIS – Central Indiana home sales experienced a downturn last month with a 10.3 percent decline in pended home sales, compared to May 2006. Last month, 2,941 pended home sales were reported compared with 3,280 in May 2006.

Pended sales for the year have declined 5.2 percent from the same time period last year, 13,100 in 2007 as compared to 13,816 in 2006.

"Buyers are being very selective as available inventory remains high," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. "We are now in the peak home buying season and expect available inventory to level off as buyers finalize their real estate plans before fall."

Shelby County experienced significant growth in May, with pended home sales up 37.8 percent as compared to May 2006. Hancock County followed with a 6.3 percent increase. The most significant decline was reported in Boone County with pended sales down 22.5 percent.

Shelby County has also shown the most growth for year-to-date pended sales, up 6.9 percent compared to this time last year. Year-to-date pended home sales also continued to rise in Madison County, with 2.1 percent more homes pended compared to 2006. Morgan County experienced the largest decline in year-to-date pended sales, down 14 percent from this time last year.

Pended single-family and condominium home sales

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County

May-06

May-07

% Change

2006 YTD

2007 YTD

% Change

Boone

89

69

-22.5%

366

355

-3.0%

Hamilton

693

562

-18.9%

2,682

2,405

-10.3%

Hancock

95

101

6.3%

444

435

-2.0%

Hendricks

260

248

-4.6%

1,121

1,056

-5.8%

Johnson

222

219

-1.4%

1,001

952

-4.9%

Madison

210

183

-12.9%

730

745

2.1%

Marion

1,573

1,414

-10.1%

6,806

6,543

-4.0%

Morgan

101

94

-6.9%

449

386

-14.0%

Shelby

37

51

37.8%

217

232

6.9%

TOTAL

3,280

2,763

-10.3%

13,816

13,100

-5.2%

Available inventory for May 2007 increased by 5.3 percent compared to the same time last year, with Marion County experiencing the most growth, up 10.7 percent. Inventory in Madison County was down 8.5 percent from May 2006.

Active listings, May. 2006 vs. May. 2007

County

May-06

May- 07

% Change

Boone

578

631

9.2%

Hamilton

3,195

3,228

1.0%

Hancock

728

732

0.5%

Hendricks

1,511

1,500

-0.7%

Johnson

1,413

1,424

0.8%

Madison

1,359

1,244

-8.5%

Marion

9,241

10,227

10.7%

Morgan

651

682

4.8

Shelby

391

413

5.6%

TOTAL

19,067

20,081

5.3%

According to the National Association of REALTORS® (NAR), home sales may continue to edge down some, but the market appears to be leveling out. Nationally, pended home sales declined 10.2 percent in April 2007 compared to the same time last year.

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