Real Estate News for Central Indiana

INDIANAPOLIS – Residential real estate in central Indiana slowed in August as the peak buying season is coming to an end. Pended home sales in August were down 14.2 percent when compared to August 2006. Year-to-date pended home sales were down 6.1 percent when compared to the same time period in 2006, according to data compiled by F.C. Tucker Company.

Boone County was the only county to record an increase in pended sales from August 2006 with a 2.4 percent increase. Madison County showed the largest decrease in pended sales compared to last year, with a 25.7 percent decrease.

Year to date, Shelby County saw a 1.4 percent increase in pended activity, while Boone County experienced a nearly 1 percent increase. Hendricks County experienced the largest decrease in pended home sales with a 9.6 percent decrease for the year.

"In July we saw a slight upturn in activity and pended sales which made us optimistic for August. August’s numbers show we are still in a recovery time period and continue to experience a buyers’ market," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division.

County	Aug-06	Aug-07	% Change	2006 YTD	2007 YTD	% Change
Boone	82	84	2.4%	608	613	0.8%
Hamilton	525	429	-18.3%	4,339	3,994	-9.1%
Hancock	95	74	-22.1%	732	724	-1.1%
Hendricks	223	198	-11.2%	1,893	1,711	-9.6%
Johnson	216	177	-18.1%	1,619	1,549	-4.3%
Madison	179	133	-25.7%	1,222	1,163	-4.8%
Marion	1,352	1,192	-11.8%	10,843	10,228	-5.7%
Morgan	88	83	-5.7%	705	656	-7.0%
Shelby	59	49	-16.9%	364	369	1.4%
TOTAL	2,819	2,419	-14.2%	22,325	20,957	-6.1%

According to the National Association of Realtors, the pended home sales index for the Midwest dropped 13.1 percent in July and is 15.8 percent below 2006.*

Available inventory in central Indiana continues to rise, up 6.3 percent from 2006. Four of the nine counties saw the inventory of available homes drop in August. Madison County experienced the largest drop with 10.9 percent less inventory than August 2006. Marion County saw the largest increase in available homes with an 11.2 percent increase from August 2006.

County	Aug-06	Aug- 07	% Change
Boone	582	603	3.6%
Hamilton	3,074	3,314	7.8%
Hancock	690	731	5.9%
Hendricks	1.483	1,568	5.7%
Johnson	1,464	1,453	-0.8%
Madison	1,453	1,294	-10.9%
Marion	9,886	10,994	11.2%
Morgan	726	681	-6.2%
Shelby	426	400	-6.1%
TOTAL	19,784	21,038	6.3%

"As we enter fall, home buying activity will likely continue to slow and available inventory will drop as fewer home owners decide to put their homes on the market," Litten said. "We anticipate the landscape to continue to level off and the return to a more equal market in 2008."

*The pended home sales index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

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