With the extension of the home buyer tax credit through April 30th of this year, the first four months of the year were outstanding! (Sales were up 25% to 50% in each of the first four months.) Historically, about 35% of the sales in the market are first time home buyers - with the stimulus package it jumped into the mid 40% range. I can remember many of you saying to me during March and April that you were as busy as you’ve ever been. We projected that when the stimulus package expired April 30th that sales would drop off approximately 10% the month of May - we missed the boat on that projection! Sales in May, for the real estate board, were off over 30% and that trend continued into June with sales being off approximately 30%.
In further analysis of why sales were off, the number of sales that were compressed into the first four months of the year, with the stimulus package, caused May and June to be softer. We are hoping that the second six months of the year will be similar to the second six months of last year. If all of you remember, the market started picking up this time last year and allowed us to have a good year. Currently our unit sales are up approximately 25% over the same period last year; again, all due to the robust market in the first four months. The other thing is, we have seen the average sale price start to increase. I’m not sure that the average home is going up in value, but I think that there are fewer lower price range homes being sold.
What’s on the horizon? With interest rates at historical lows I think our market is going to be okay. Hardly a day goes by that we don’t read about an employer moving to Indiana and hiring more people. Part of the dilemma, that caused the economic slow down in the last four years, was caused by the consumers not spending money and buying durable goods. With durable goods not being produced, employers laid off employees and therefore increased the unemployment rate. As we move forward, I think we are seeing consumer confidence come back and employers hiring people again. If our unemployment numbers go down, I think that you will see our market correspondingly increase.
With all of that said, the most important thing is for all of us to keep focused. As we enter these last six months of the year, continue to do the things that we’ve done for the last four years. (Staying in touch with our clients, holding a lot of open houses and providing the superior service that each of you are known for.)
As always, if you should have any questions about any of the statistics in the market, please don’t hesitate to call me or your managers. We are more than willing to help. Here’s wishing you a great finish to 2010.
June pended homes down 30 percent in Central Indiana
Eight of nine counties see increase in housing prices
INDIANAPOLIS – While overall pended home sales remain lower on a month-to-month basis, year-to-date pended home sales numbers are still up 2.5 percent overall. More than 1,600 Central Indiana homes pended in June, with one Central Indiana county reporting an increase compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.
Overall, June home sales declined 30.1 percent with 1,681 homes pended compared to 2,404 in June 2009. Shelby County posted the only increase with a 19.4 percent upsurge. Year to date, home sales have increased 2.5 percent.
Tucker’s just-released data also indicates that eight of nine Central Indiana counties saw increases in average year-to-date home prices. Homes in Shelby County sold for an average of $93,737, a 20 percent increase over the same period last year. Also, Marion and Madison counties showed 15.3 percent and 9.3 percent increases, respectively. For the first half of the year, the average home sales price for the nine-county region was $147,319, which is 9.6 percent more than January to June of last year.
“As the Central Indiana real estate market continues to stabilize, we are encouraged to see home prices generally climbing, while still remaining affordable” said Jim Litten, president of F.C. Tucker Company. “Homes have been selling quicker than this time last year as well, down an average of 11 days.”
As homeowners readied their homes for the traditional summer home buying season, available homes for sale in the nine-county region rose 4.6 percent in June 2010 with 16,921 homes on the market, 737 more homes than in June 2009. Five counties experienced above average inventory declines. Shelby County experienced the greatest decrease in inventory at -2.8 percent, followed by Madison County at -0.7 percent.
“As interest rates remain historically low, we hope that consumer confidence will continue to grow,” said Litten.
On July 2, 2010, President Obama signed into law the “Homebuyers Assistance and Improvement Act of 2010,” which extends the date by which purchasers must have closed on a home to be eligible for the homebuyer tax credit. This affects up to 180,000 home buyers nationally who have ratified contracts in place as of April 30, 2010, but could not close before June 30.
May pended homes down nearly 32 percent in Central Indiana
All nine counties see increase in housing prices
INDIANAPOLIS – More than 1,500 Central Indiana homes pended in May, with one Central Indiana county reporting an increase compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.
Overall, May home sales declined 31.5 percent with 1,545 homes pended compared to 2,257 in May 2009. Hancock County posted the only increase with a 4.9 percent upsurge. Year to date, home sales have increased 9.3 percent.
Tucker’s just-released data also indicates that all nine Central Indiana counties saw increases in average year-to-date home prices. Homes in Shelby County sold for an average of $91,883, a 27 percent increase over the same period last year. Also, Marion and Morgan counties showed 17.1 percent and 10.8 percent increases, respectively. The average year-to-date sales price for a home in the nine-county area was $144,301, which is 11 percent more than January to May of last year.
“After a robust April, we expected a slight drop in home sales in May due to the expiration of the federal first-time and move-up buyer tax credits,” said Jim Litten, president of F.C. Tucker Company. “As prices improve and housing inventory stabilizes, we anticipate a more balanced market.”
As homeowners readied their homes for the traditional spring and summer home buying season, available homes for sale in the nine-county region rose 3 percent in May 2010 with 16,278 homes on the market, 477 more homes than in May 2009. Five counties experienced above average inventory declines. Johnson County experienced the greatest decrease in inventory at -1.5 percent, followed by Madison County at -1.3 percent.
The report takes into account factors including housing affordability, foreclosures and rising home prices to create a metric called the Housing Opportunity Index. Our HOI is currently 95. Indianapolis has the highest HOI in the country, with decent housing accessible to 96% of families making the median income. In places like this the recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor. - Francesca Levy, Forbes
As all of you know we have been members of the Realty Alliance for many years. The Realty Alliance is made up of 60 of the largest independently owned real estate companies in America. They cover all of the major cities and the major regions of the country. Each year the Realty Alliance puts out bench marking numbers that tells us how we stand as a company against all of our peers.
I’m pleased to announce that this past year we ranked 15th out of 60 of the leading real estate companies of America in closed transactions with 13,186. In the total sales volume category we ranked 10th. This is especially meaningful when you consider the average sales price in Indiana is much lower than the markets that we are being compared to. The most important statistic and the one that I am most proud to tell all of you is that of all these major real estate companies our productivity per agent was 6th in the country. That’s a tribute to all of your hard work, your commitment, and your self discipline in getting through these past three years.
All of you deserve a tremendous pat on the back for these accomplishments. Our market this year has picked up dramatically. Some of it has been due to the tax credits. I do believe that things in the economy are looking up. It will be interesting to see what this next month will bring now that the tax stimulus package has expired. I don’t think that we are going to see a drastic change in the market. With the stock market going up and manufacturing increasing I think we will see our unemployment rates start to go down. Certainly unemployment and the foreclosure short sale issue are still negatives on the horizon, but I think the positives out weigh them.
Again, congratulations on the great job that all of you are doing. Best wishes for a great 2010.
Sincerely,
Jim, Donna, and Pat
March pended home sales up 10 percent in Central Indiana
Eight counties see increase in housing prices
INDIANAPOLIS – More than 2,500 Central Indiana homes recorded pended sales in March, 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.
Overall, March home sales jumped 10.6 percent with 2,509 homes pended compared to 2,268 in March 2009. Shelby County posted a 34.3 percent increase, followed by Hamilton and Johnson counties with a 20.3 percent and 15.7 percent increase, respectively. Boone County was the only Central Indiana county to show a decrease in home sales, with a 21.4 percent decline.
Tucker’s just-released data also indicates that eight of the nine Central Indiana counties saw increases in average year-to-date home prices. Homes in Marion County sold for an average of $105,616, a 17.4 percent increase over the same period last year. Also, Hancock and Morgan counties showed 14.8 percent and 13.7 percent increases, respectively. The average year-to-date sales price for a home in the nine-county area was $139,533, which is 12.1 percent more than January to March of last year.
“Pended home sales in Central Indiana have steadily increased each month in 2010,” said Jim Litten, president of F.C. Tucker Company. “We hope this trend continues throughout the spring home-buying season as Hoosiers take advantage of the final days of the federal tax credits and continued low mortgage rates.”
As homeowners readied their homes for the traditional spring and summer home buying season, available homes for sale in the nine-county region rose 2.3 percent in March 2010 with 15,986 homes on the market, 358 more homes than in March 2009. Five counties still experienced above average inventory declines. Johnson County experienced the greatest decrease in inventory at -4.9 percent, followed by Hamilton County with 0.2 percent.
Federal tax credit to expire April 30
Potential Central Indiana homebuyers have until April 30 to take advantage of the first-time and move-up buyer tax credits before they expire. To qualify, homebuyers have to sign a purchase agreement by April 30 and close by June 30. For additional details, please visit http://talktotucker.com/buying/federal_tax_credit.asp.
February pended home sales up 26 percent in Central Indiana
INDIANAPOLIS – Nearly 2,000 Central Indiana homes pended in February, 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.
Overall, February home sales jumped 26.6 percent with 1,993 homes pended compared to 1,574 in February 2009. Johnson County posted a 38.5 percent increase, followed by Marion County at 37.8 percent and Hancock and Hamilton counties, with a 24.5 percent and 22 percent increase, respectively.
Tucker’s just-released data indicates that eight of the nine Central Indiana counties saw increases in average year-to-date home prices. A home in Shelby County sold for an average of $70,679, a 24.3 percent increase over the same period last year. Also, Morgan and Hancock counties showed a 23.2 percent and 19.6 percent increase, respectively. The average year-to-date sales price for a home in the nine-county area was $136,217, which is 12.4 percent more than January and February of last year.
“We hope February’s encouraging numbers are an indication that the local housing market will be stronger in 2010,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Going into the spring home- buying season, we anticipate a sales spike as homeowners get back into the market and take advantage of the last weeks of the first-time and move-up buyer tax credits.”
Available homes for sale in the nine-county region dropped 3 percent in February 2010 with 14,988 homes on the market, 461 fewer homes than in February 2009. Five counties experienced above average inventory declines. Hancock County experienced the greatest decrease in inventory at 7.3 percent, followed by Boone County with 6.6 percent.
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.
Copyright © 2010 The Rule Team - F.C. Tucker CompanyPortions Copyright © 2010 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site MapAll rate, payment, and area information are estimates and approximations only.