Indianapolis Real Estate Matters

February pended home sales up 26 percent in Central Indiana

Eight counties see increase in housing prices

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.