Indianapolis Real Estate Matters

F.C. Tucker Company's Market Watch.  The following article is compiled by Jim Litten, President of the F.C. Tucker Company.  

INDIANAPOLIS – Residential real estate sales in central Indiana have fallen below last year’s levels, according to data compiled by F.C. Tucker Company, but some counties are showing improved buyer interest.

Although residential real estate in central Indiana continues to fall below last year’s sales, some counties show improved buyer interest, according to data compiled by F.C. Tucker Company.

Year-to-date totals for the nine-county area show 22,933 homes have been sold or are pending, 7.3 percent less than 24,727 in 2006.

While September 2007 pended sales are down 16.8 percent, statistics by county show some areas posted major gains. Sales in Hancock County are up 20 percent from September 2006 and year-to-date sales in the county are up 1 percent. Madison County posted a 29.5 percent increase in September 2007 pended sales and is only 3 percent shy of its year-to-date total through September 2006.

“While September is certainly not our greatest month, overall the central Indiana real estate market is still only 7.3 percent down from 2006’s year-to-date numbers,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division

“Central Indiana’s housing market is continuing to balance out. Inventory levels are still increasing slightly, but we are hopeful that the decline in new home construction and the steady pace of existing homes sales will be reflected in sales statistics in coming months.”

Pended single-family and condominium home sales

County	Sept. 06	Sept. 07	% Change	2006 YTD	2007 YTD	% Change
Boone	75	43	-42.7%	683	660	-3.4%
Hamilton	405	344	-15.1%	4,744	4,313	-9.1%
Hancock	60	72	20%	792	800	1.0%
Hendricks	185	156	-15.7%	2,078	1,861	-10.4%
Johnson	182	133	-26.9%	1,801	1,683	-6.6%
Madison	122	158	29.5%	1,344	1,304	-3.0%
Marion	1,245	996	-20.0%	12,088	11,185	-7.5%
Morgan	81	61	-24.7%	786	719	-8.5%
Shelby	47	35	-25.5%	411	408	-0.7%
TOTAL	2,402	1,998	-16.8%	24,727	22,933	-7.3%

Available inventory in September is up 4.9 percent from September 2006. Available homes in Madison was down 10.7 percent; Marion County posted the most inventory with 9.6 percent more than was available in September 2006.

Active listings, September 2006 vs. September 2007

Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on October 10, 2007.

Most of my recent posts have been about the real estate market in general and the Indianapolis market in particular. This post of course, is going to be no different other than that the source of the information is coming from the national arena. I encourage you to click on the link below. Indianapolis is among the top 10 cities that forecasters think is going to make a turnaround in the short term real estate wise.

As a real estate agent in Indianapolis, it is nice to see some recognition that “our” market is stable and that it’s relative stability is going to be the one thing that leads us out of this current downturn.

http://money.cnn.com/galleries/2007/biz2/0709/gallery.boom_towns.biz2/index.html

Indianapolis is a great city to purchase a home at this time. Don’t miss this opportunity for some of the lowest prices in Indianapolis in many years. For some investors, this market is already a dream.

For sellers trying to sell in Indianapolis, it is definitely a tough road at this time. But as the article suggests, when the new construction boom settles and the available inventory of homes goes back down (which it will – soon!) then Indianapolis will be poised to see proper appreciate and increased home sales.

My advice to sellers right now… be the best looking and best priced home in the neighborhood… you won’t have much trouble.

Take Care,

Brian