Real Estate News for Central Indiana

November home sales slower than last year
F.C. Tucker optimistic about local real estate market in 2008

INDIANAPOLIS – Central Indiana’s unpredictable weather and Thanksgiving preparations put another damper on home buying in central Indiana, continuing the 2007 real estate market’s balancing of inventory and consumer demand. November pended home sales were off 15 percent from November 2006. Year-to-date sales statistics show a more promising local picture, with 26,801 homes sold so far in 2007, compared to 29,156 homes sold at this same time in 2006, an 8.1 percent overall decrease.

H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division, said, "With almost 27,000 homes sold in central Indiana so far this year, we remain encouraged by the market’s resilience in the face of increased inventory levels and consumer concerns about housing. Central Indiana is experiencing less of a hit than other major cities across the country, and Indianapolis real estate sales are continuing to balance the number of homes on the market with ongoing consumer demand for those homes."

Sales in Hancock County experienced the most improvement in November with a 10 percent jump in sales over November 2006 and a 1.3 percent increase year-to-date. November pended home sales in Boone County were off slightly from the previous year by 1.6 percent. Year-to-date sales for Boone County are off less than one percent from 2006 YTD. By comparison, Hendricks County posted the most significant drop in pended home sales in November with a 21.6 percent decrease over November 2006.

"Sales this year are the fifth best on record," Litten said. "Central Indiana’s continued market affordability, one of the best in the country; less new home building than we have experienced in the recent past; and declining mortgage rates promise to strengthen the market in coming months.”

Overall inventory of homes on the market increased 4.4 percent. On a county-by-county level, Madison County’s inventory decreased 11.6 percent in November from 1,279 homes in November 2006 to 1,131 homes in November 2007, and Johnson County was just shy of balancing out at plus .7 percent ahead of last year’s available inventory. Marion County’s inventory rose 7.4 percent.

County	Nov-06	Nov-07	% Change	2006 YTD	2007 YTD	% Change
Boone	63	62	-1.6%	807	800	-0.9%
Hamilton	347	289	-16.7%	5,524	5,014	-9.2%
Hancock	64	71	10.9%	930	942	1.3%
Hendricks	162	127	-21.6%	2,428	2,170	-5.6%
Johnson	148	133	-10.1%	2,121	2,003	-5.6%
Madison	119	114	-4.2%	1,612	1,545	-4.2%
Marion	1,034	845	-18.3%	14,291	12,993	-9.1%
Morgan	73	63	-13.7%	947	852	-10.0%
Shelby	38	36	-5.3%	496	482	-2.8%
TOTAL	2,048	1,740	-15.0%	29,156	26,801	-8.1%

County	March-06	March- 07	% Change
Boone	537	553	3.0%
Hamilton	2.810	2,935	4.4%
Hancock	655	680	3.8%
Hendricks	1,343	1,418	5.6%
Johnson	1,305	1,314	0.7%
Madison	1,279	1,131	-11.6%
Marion	9,386	10,078	7.4%
Morgan	628	637	1.4%
Shelby	399	406	1.8%
TOTAL	18,342	19,152	4.4%

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx II statistics on Dec. 10, 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.