Central Indiana homes sales strong in second half of 2009
Local real estate market becoming more stable
INDIANAPOLIS – Homes sales surged in the second half of 2009, with activity picking up initially in July, peaking in October, and running level in November and December, compared to 2008. More than 1,350 Central Indiana homes pended in December, with five of nine Central Indiana counties reporting increases compared to the same time period in 2008, according to pended sales statistics compiled by F.C. Tucker Company.
Morgan County posted a significant 52.9 percent increase, followed closely by Madison County at 52.6 percent. At the end of the year, the overall market showed greater stability. December home sales were nearly level with those in December 2008 with 1,356 homes pended in 2009 compared to 1,360 in December 2008.
For the year 2009, a total of 24,395 homes sales pended, a slight 1.6 percent decline over 2008 sales numbers. The average home sales price in Central Indiana also stabilized at $139,212, a modest decline of 2.9 percent over 2008’s prices.
“A look back at 2009 shows a year of stabilizing and increased activity, especially at the end of the year,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “The federal tax credits offered to first-time homebuyers in the second half of the year helped propel much of the sales activity.”
Available homes for sale in the nine-county region dropped 13.2 percent in December 2009 with 13,875 homes on the market, 2,103 fewer homes than in December 2008. Three counties experienced above average inventory declines. Hancock County experienced the greatest decrease in inventory at 20.6 percent, followed by Marion and Madison counties with 15.6 and 13.9 percent, respectively. Looking back, January 2009 showed 15,415 available homes on the market.
“2010 looks promising because we are seeing real declines in Central Indiana real estate inventory, including significant portions of foreclosed and bank-owned properties, existing for-sale properties and new home properties,” said Litten. “Inventory declines mean further price stabilization and the potential for a pickup in the demand for both existing and new homes.”
Central Indiana home sales climb 3.3 percent in November
INDIANAPOLIS – Nearly 1,500 Central Indiana homes pended in November, with five of nine Central Indiana counties reporting increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.
November home sales increased 3.3 percent overall with 1,497 homes pended compared to 1,449 in November 2008. Shelby County posted a 54.2 percent increase, followed by Johnson County at 32.7 percent and Boone County at 9.3 percent. Year to date, overall pended home sales are down 1.8 percent compared to the same timeframe in 2008.
“Traditionally, with winter approaching we see home sales start to slow,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “However, with extension of the first-time homebuyers credit and the addition of the repeat homebuyers credit, coupled with affordable housing prices and mortgage rates, we are experiencing steady activity in the market.”
Available homes for sale in the nine-county region dropped 14 percent in November 2009 with 14,646 homes on the market, 2,394 fewer homes than in November 2008. Two counties experienced above average inventory declines. Hancock County experienced the greatest decrease in inventory at 18.2 percent, followed by Marion County with 16 percent.
November housing statistics point to continued opportunities for buyers to take advantage of affordable housing prices across the nine-county Central Indiana region. The average year-to-date sales price for a home in the nine-county area was $139,169, which is 3.7 percent less than the same period last year.
Quick Links:
Pended single-family and condominium home sales
Active Listings – Inventory
Active Listings over Time
Average Sale Price
October pended home sales up 20 percent in Central Indiana
Best October in F.C. Tucker history for listings sold, buyers represented
INDIANAPOLIS – More than 2,150 Central Indiana homes pended in October, with eight of nine Central Indiana counties reporting increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.
October home sales increased 20.1 percent overall with 2,153 homes pended compared to 1,792 in October 2008. Shelby County posted a 62.1 percent increase, followed by Boone County at 37 percent and Johnson County at 34.6 percent. Year to date, overall pended home sales are down 2.6 percent compared to the same timeframe in 2008.
“Certainly the first homebuyer’s tax credit was a big part of the resurgence,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division, noting that Tucker recently had the best October in the history of the company for listings sold and buyers represented. “We are pleased with the recent extension of the tax credit and expansion to include existing home owners.”
Available homes for sale in the nine-county region dropped 15.1 percent in October 2009 with 15,244 homes on the market, 2,712 fewer homes than in October 2008. Three counties experienced above average inventory declines. Hancock County experienced the greatest decrease in inventory at 18.5 percent, followed by Marion County and Madison County, with 17 and 16.8 percent, respectively.
“Less inventory and increased demand brings more consumer confidence to the market,” said Litten. “This is the closest we’ve been to a balanced market in three years.”
October housing statistics point to continued opportunities for buyers to take advantage of affordable housing prices across the nine-county Central Indiana region. The average year-to-date sales price for a home in the nine-county area was $138,904, which is 4.5 percent less than the same period last year.
Note: President Obama signed the “Worker, Homeownership, and Business Assistance Act of 2009” (WHBAA) last Friday. This act extended the first-time homebuyer credit to May 1, 2010, increased the income cap allowing more taxpayers to qualify and created a new incentive for “long-time residents” who purchase a different principal residence. Please check www.talktotucker.com for more information.
Four Central Indiana counties report increased sales
August 2009 pended home sales match sales in August 2008
INDIANAPOLIS – More than 2,200 Central Indiana homes pended in August, with four counties reporting increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.
August pended home sales in the nine-county area were down only 0.1 percent overall with 2,213 homes pended compared to 2,216 in August 2008. Johnson County posted a 17.8 percent increase, followed by Hancock County at 15.4 percent and Marion and Hamilton counties with 5.9 percent and 0.9 percent increase, respectively. Year to date, overall pended home sales are down 7.5 percent compared to the same timeframe in 2008.
Available homes for sale in the nine-county region dropped 16.3 percent in August 2009 with 16,068 homes on the market, 3,130 fewer homes than in August 2008. Two counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 20.0 percent, followed by Hancock County with 18.6 percent.
August housing statistics point to continued opportunities for buyers to take advantage of slightly lower housing prices across the nine-county Central Indiana region. The average year-to-date sales price for a home in the nine-county area was $138,748, 5.5 percent less than the same period last year.
“August home sales, virtually the same as last year, reflect the positive and steady rebound of the local real estate market,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Attractive home prices, low interest rates and a first-time home buyer credit have made housing more affordable than it has been in the last two decades.”
Home Prices over Time
County
August 08
August 09
% Change
Boone
636
603
-5.2%
Hamilton
3,266
2,796
-14.4%
Hancock
733
597
-18.6%
Hendricks
1,434
1,222
-14.8%
Johnson
1,399
1,250
-10.7%
Madison
1,142
980
-14.2%
Marion
9,530
7,621
-20.0%
Morgan
669
626
-6.4%
Shelby
389
373
-4.1%
TOTAL
19,198
16,068
-16.3%
Month-to-Month % Change
Year-to-date
68
54
-20.6%
-0.4%
428
432
0.9%
-7.7%
65
75
15.4%
-12.3%
202
162
-19.8%
-8.6%
146
172
17.8%
-0.5%
138
112
-18.8%
-6.5%
1,036
1,097
5.9%
86
-20.9%
-9.9%
47
41
-12.8%
-24.1%
2,216
2,213
-0.1%
-7.5%
Month
Active Listings
from Prior Year
Aug-08
18,828
-10.9%
Sep-08
18,393
-12.2%
Oct-08
17,746
-12.7%
Nov-08
16,792
-13.0%
Dec-08
15,560
-14.3%
Jan-09
15,415
-14.5%
Feb-09
15,377
Mar-09
15,562
-15.6%
Apr-09
15,785
-16.9%
May-09
15,801
-18.0%
Jun-09
16,152
-17.5%
Jul-09
16,223
-16.8%
Aug-09
YTD August
08
09
$254,498
$255,609
0.4%
$248,272
$226,066
-8.9%
$138,568
$131,939
-4.8%
$161,161
$159,460
-1.1%
$146,374
$138,617
-5.3%
$77,692
$71,842
$106,828
$104,199
-2.5%
$134,955
$123,247
-8.7%
$103,364
$82,094
Average
$146,805
$138,748
-5.5%
# # #
Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on September 9, 2009. Pending means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.
With more than $2 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with 46 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees.
Hello all...sorry it has been so long since Brian or I have blogged! It has gotten a little busy around Indianapolis which is good! For all of you who have joined the blog only to get an update every couple of weeks.. we are sorry! So as of now we will try to blog every Monday or Tuesday...this week I chose an article discussing whether trees/landscaping really make a difference. As the old saying goes.."you only get one chance to make a first impression"..and that holds true to most buyers as well. I have been with buyers who will simply drive by a listing just because of the way the home looks. Landscaping is an easy and cost effective way to "spruce" your home! So enjoy the article and we will post again in a few days..have a great week!
Jeremy Tritch 317-625-1611
Brian Rule 317-362-9094
The Rule Team
F.C. Tucker Company
Can Trees Help Sell Your Home?
by Phoebe Chongchua
The population of the U.S. nearly doubled from 1950 to 2000 but with that growth our water demands more than tripled, according to the Environmental Protection Agency. The government predicts that there will be water shortages in 36 states by the year 2013. That’s disappointing news to homeowners who love their green lawns and think that they add value to their homes. The good news is that a yard can still look attractive and yet use less water to maintain its beauty.
The American Nursery & Landscape Association (ANLA) released information about a study on the “Impact of Improved Landscape Quality and Tree Cover on the Price of Single-Family Homes” that was published in Horticulture Research Institute Journal of Environmental Horticulture.
The authors, Andrea Stigarll and Emmett Elam write that, “Approximately 30 percent of the increase in sale value was accounted for by added tree cover. The results show that each $1.00 invested in upgrading an average landscape to excellent quality returns $1.35 in added property value.” While most homeowners know that landscape is a big draw for buyers, they are unsure of how much and what kinds of landscaping affect the property value.
The study reports that, “General tree cover adds 2 percent to 9 percent to the value of existing homes and 7 percent for new construction on tree-covered lots.” Just a single tree can add up to 2 percent to the property value, according to the study. Hedges, walls, landscaped curbs, and dense vegetation can each add 2 percent to 4 percent to the property value. And if your home has more trees than nearby homes, the value shoots up by about 7 percent. Sophisticated designs in landscape affect property value in a very positive way.
The study shows that, “The perceived value of a home may increase by 5 percent to 11 percent with landscape that is sophisticated in design, incorporating large plant size, evergreen and deciduous plants, annual color plants, and colored hardscapes.” The study concludes that, “The results show that improvement in landscaping from average to excellent quality increases house sale price by 10.8 percent, with approximately 30 percent of the increase in sale value due to added tree cover.” The authors also noted that there are additional perceived benefits to upgrading landscape, “an improved landscape provides a relaxing and enriching quality for the homeowner and the neighborhood.” The report also pointed out that the landscaping could help with utility costs, “Moreover, tree cover is important to the homeowner because trees provide shade in summer and shelter in winter, possibly reducing heating and cooling costs. If you’re considering adding tree coverage here are a few tips to help you choose what will work best in your landscape.
1. Visit a nursery and get expert help. Trees are not temporary so it’s important to know which ones will work best in your yard before you spend any money and time planting them.
2. Some popular trees are: varieties of apple trees (the fruit is a bonus), dogwood trees (they bloom in spring and are colorful in the fall), Japanese maple trees (they have vibrant colors), and birch trees (they have unusual bark and branch patterns), and pine trees (the needles offer a very different appearance).
3. Look for water-efficient trees. Trees can use even less water than the lowest water-use grass.
4. Trees planted on the south and west side of homes can help provide shade and cool the home.
5. Consult your local water department which can provide lists and tips on water-saving and fire-resistant types of vegetation.
Published: July 3, 2009
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