2009 Two Central Indiana counties report increased sales in June

Available inventory in the nine-county region still low compared to 2008

INDIANAPOLIS– Nearly 2,300 Central Indiana homes pended in June, with two counties reporting increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company. Johnson County posted a 14.9 percent increase, and Marion County sales rose 4.9 percent.

June pended home sales in the nine-county area were down 1.4 percent with 2,298 homes pending compared to 2,330 in June 2008. Year to date, overall pended home sales are down 10.6 percent compared to the same timeframe in 2008.

Available homes for sale in the nine-county region dropped 17.5 percent in June 2009 with 16,152 homes on the market, 3,438 fewer homes than in June 2008. Two counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 22.4 percent, followed by Madison County with 19.1 percent.

“June home sales, down only 1.4 percent from last year, show a promising sign of a steady rebound of the local real estate market,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Also, we are seeing more prospective home buyers, especially in the first-time buyer category, come off the sidelines and take a look at available inventory.”

June housing statistics point to continued opportunities for buyers to take advantage of 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 $135,408, 6.9 percent less than the same period last year. However, home sale prices have slowly increased from $118,438 in January 2009.

Active Listings – Inventory

County	June 08	June 09	% Change
Boone	647	616	-4.8%
Hamilton	3,363	2,914	-13.4%
Hancock	708	604	-14.7%
Hendricks	1,436	1,195	-16.8%
Johnson	1,411	1,284	-9.0%
Madison	1,169	946	-19.1%
Marion	9,796	7,605	-22.4%
Morgan	684	628	-8.2%
Shelby	376	360	-4.3%
TOTAL	19,590	16,152	-17.5%

Pended single-family and condominium home sales

County	June 08	June 09	Month-to-Month % Change	Year-to-date % Change
Boone	64	61	-4.7%	3.5%
Hamilton	475	426	-10.3%	-13.6%
Hancock	85	68	-20.0%	-15.7%
Hendricks	230	199	-13.5%	-10.0%
Johnson	174	200	14.9%	-5.2%
Madison	126	123	-2.4%	2.0%
Marion	1,072	1,124	4.9%	-11.6%
Morgan	69	64	-7.2%	-8.4%
Shelby	35	33	-5.7%	-26.4%
TOTAL	2,330	2,298	-1.4%	-10.6%

Active Listings over Time

Month	Active Listings	% Change from Prior Year
Jun-08	19,412	-6.6%
Jul-08	19,335	-7.4%
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	-14.3%
Mar-09	15,562	-15.6%
Apr-09	15,785	-16.9%
May-09	15,801	-18.0%
June-09	16,152	-17.5%

Average Sale Price

County	YTD June 08	YTD June 09	% Change
Boone	$256,825	$227,052	-11.6%
Hamilton	$249,021	$221,363	-11.1%
Hancock	$137,801	$128,369	-6.8%
Hendricks	$161,611	$160,662	-0.6%
Johnson	$147,226	$137,968	-6.3%
Madison	$75,780	$68,345	-9.8%
Marion	$105,132	$101,110	-3.8%
Morgan	$135,964	$121,595	-10.6%
Shelby	$100,442	$78,308	-22.0%
Average	$145,424	$135,408	-6.9%

Home Prices over Time

Month	YTD Average Sale Price	YTD % Change from Prior Year
Jan-09	$118,438	-12.6%
Feb-09	$120,880	-12.6%
Mar-09	$123,461	-12.4%
Apr-09	$123,813	-11.9%
May-09	$129,672	-9.5%
Jun-09	$135,408	-6.9%

2009 Two Central Indiana counties report increased sales in May

Available inventory in the nine-county region continues to drop

INDIANAPOLIS – More than 2,200 Central Indiana homes pended in May, with two counties reporting increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company. Boone County posted a 32.4 percent increase, and Madison County sales rose 2.5 percent.

May pended home sales in the nine-county area were down 11 percent with 2,227 homes pending compared to 2,501 in May 2008. Year to date, overall pended home sales are down 12.8 percent compared to the same time frame in 2008.

Available homes for sale in the nine-county region dropped 18 percent in May 2009 with 15,801 homes on the market, 3,458 fewer homes than in May 2008. Four counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 23.7 percent, followed by Madison County with 19.2 percent and Hancock and Hendricks counties with 18.3 and 18.2 percent, respectively.

“Home inventory levels have consistently dropped over the past 12 months, and we’re nearing a balanced, six-month inventory level,” said John Snavley, Senior Vice President of F.C.Tucker Company. “At current pricing levels, with new homebuyer incentives and low mortgages rates, this is an excellent time to buy a home in Central Indiana.”

Even national pundits are stressing that in today’s real estate market, now is the time to buy. Recently, CNBC Mad Money host Jim Cramer commented on the nation’s state of th eeconomy and real estate market, saying “I think that real estate is a once-in-a-lifetime opportunity… mortgage rates are the lowest in my life, affordability is the best in my life. Clearly, real estate is much better than stocks right now.”

Active Listings -Inventory

County	May 08	May 09	% Change
Boone	620	592	-4.5%
Hamilton	3,230	2,888	-10.6%
Hancock	721	589	-18.3%
Hendricks	1,410	1,154	-18.2%
Johnson	1,396	1,312	-6.0%
Madison	1,138	919	-19.2%
Marion	9,717	7,414	-23.7%
Morgan	667	594	-10.9%
Shelby	360	339	-5.8%
TOTAL	19,259	15,801	-18.0%

Pended single-family and condominium home sales

County	May 08	May 09	Month-to-Month % Change	Year-to-date % Change
Boone	68	90	32.4%	4.8%
Hamilton	523	447	-14.5%	-15.7%
Hancock	65	57	-12.3%	-16.8%
Hendricks	235	210	-10.6%	-10.0%
Johnson	197	180	-8.6%	-12.2%
Madison	122	125	2.5%	2.1%
Marion	1,184	1,030	-13.0%	-14.0%
Morgan	60	54	-10.0%	-9.9%
Shelby	47	34	-27.7%	-27.5%
TOTAL	2,501	2,227	-11.0%	-12.8%

Active Listings over Time

Month	Active Listings	% Change from Prior Year
May-08	19,218	-4.1%
Jun-08	19,412	-6.6%
Jul-08	19,335	-7.4%
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	-14.3%
Mar-09	15,562	-15.6%
Apr-09	15,785	-16.9%
May-09	15,801	-18.0%

Average Sale Price

County	YTD May 08	YTD May 09	% Change
Boone	$254,781	$236,591	-7.1%
Hamilton	$250,339	$215,413	-14.0%
Hancock	$136,002	$127,393	-6.3%
Hendricks	$160,519	$160,165	-0.2%
Johnson	$143,940	$133,903	-7.0%
Madison	$76,623	$67,192	-12.3%
Marion	$102,349	$94,867	-7.3%
Morgan	$139,043	$120,081	-13.6%
Shelby	$95,672	$72,617	-24.1%
Average	$143,312	$129,672	-9.5%

2009 Decreasing home inventory nearing six-month supply

$8,000 tax credit encouraging first-time homebuyers to get off sidelines

INDIANAPOLIS – April housing statistics point to continued opportunities for buyers to take advantage of lower housing prices across Central Indiana, while a decrease in available inventory shows steady progress to a more balanced market between buyers and sellers, according to pended sales statistics compiled by F.C. Tucker Company.

Available homes for sale in the nine-county region dropped 16.9 percent in April 2009 with 15,785 homes on the market, 3,211 fewer homes than in April 2008. Three counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 22.8 percent, followed by Madison County with 20.8 percent and Hancock County with 17.6 percent.

Home sales continue to trail last year’s levels. Madison County posted the only increase in pended home sales over April 2008 at 18.5 percent. In April, 2,272 homes have pended, 10.8 percent less than the same time in 2008. The average sales price is down 11.9 percent from April 2008, decreasing from $140,477 to $123,813.

A recent poll of Tucker sales associates showed 62 percent of their customers were first-time buyers prompted by the $8,000 federal tax credit. The first-time homebuyer’s credit includes no repayment and credit recapture on the sale within three years of purchase.

Active Listings -Inventory

County	April 08	April 09	% Change
Boone	579	608	5.0%
Hamilton	3,205	2,912	-9.1%
Hancock	695	573	-17.6%
Hendricks	1,400	1,190	-15.0%
Johnson	1,363	1,314	-3.6%
Madison	1,095	867	-20.8%
Marion	9,610	7,416	-22.8%
Morgan	671	584	-13.0%
Shelby	378	321	-15.1%
TOTAL	18,996	15,785	-16.9%

Pended single-family and condominium home sales

County	April 08	April 09	Month-to-Month % Change	Year-to-date % Change
Boone	75	65	-13.3%	-3.7%
Hamilton	473	423	-10.6%	-17.7%
Hancock	81	65	-19.8%	-19.1%
Hendricks	229	185	-19.2%	-10.4%
Johnson	199	181	-9.0%	-14.9%
Madison	124	147	18.5%	4.9%
Marion	1,243	1,104	-11.2%	-13.8%
Morgan	80	69	-13.8%	-8.4%
Shelby	44	33	-25.0%	-23.1%
TOTAL	2,548	2,272	-10.8%	-13.3%

Active Listings over Time

Month	Active Listings	% Change from Prior Year
Apr-08	18,996	-1.8%
May-08	19,218	-4.1%
Jun-08	19,412	-6.6%
Jul-08	19,335	-7.4%
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	-14.3%
Mar-09	15,562	-15.6%
Apr-09	15,785	-16.9%

Average Sale Price

County	YTD April 08	YTD April 09	% Change
Boone	$257,258	$228,918	-11.0%
Hamilton	$251,156	$211,315	-15.9%
Hancock	$133,863	$119,919	-10.4%
Hendricks	$159,825	$157,129	-1.7%
Johnson	$139,126	$131,270	-5.6%
Madison	$77,645	$61,573	-20.7%
Marion	$99,376	$90,360	-9.1%
Morgan	$130,793	$113,281	-13.4%
Shelby	$94,106	$73,976	-21.4%
Average	$140,477	$123,813	-11.9%

2009 Home sales in some areas of Central Indiana on the rise

Five of nine counties show increased sales over March 2008

INDIANAPOLIS – Home sales in Central Indiana are starting to improve in some areas of Central Indiana as the spring home-buying season begins. According to pended sales statistics compiled by F.C. Tucker Company, nearly 2,300 Central Indiana homes pended in March, with five of the nine counties reporting significant increases compared to the same time last year.

Madison County posted the highest pended home sales increase over March 2008 with 33.6 percent, followed by Boone County with 30.5 percent. Other counties showing a rise in sales included Johnson County (14.6 percent), Hancock County (11.7 percent) and Hendricks County(9.9 percent).

“We hope the encouraging March numbers in select areas of central Indiana are an indication the local housing market is gaining momentum, and will continue to improve throughout the year,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “We are seeing more prospective home buyers, especially in the first-time buyer category, come off the sidelines and take a look at the inventory available. We are pleased to see overall Central Indiana inventory declining significantly, a 15.6 percent decrease over last year at this time. Less inventory and increased demand brings better balance and more consumer confidence to the market.”

To date, 5,466 homes have pended in 2009, 14.1 percent less than the same time in 2008. The average sales price is down 12.4 percent from March 2008, decreasing from $140,878 to $123,461.

Available homes for sale in the nine-county region dropped 15.6 percent in March 2009 with 15,562 homes on the market, 2,881 fewer homes than in March 2008. Four counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 21.4 percent, followed by Hendricks County with 19.3 percent, then Madison County and Shelby County with 18.7 percent and 17.6 percent, respectively.

Pended single-family and condominium home sales

County	March 08	March 09	Month-to-Month % Change	Year-to-date % Change
Boone	59	77	30.5%	-1.2%
Hamilton	467	368	-21.2%	-22.4%
Hancock	77	86	11.7%	-18.5%
Hendricks	181	199	9.9%	-6.3%
Johnson	158	181	14.6%	-18.9%
Madison	107	143	33.6%	4.0%
Marion	1,193	1,142	-4.3%	-13.8%
Morgan	71	63	-11.3%	-9.8%
Shelby	49	39	-20.4%	-18.1%
TOTAL	2,362	2,298	-2.7%	-14.1%

Active Listings -Inventory

County	March 08	March 09	% Change
Boone	538	584	8.6%
Hamilton	3,015	2,825	-6.3%
Hancock	648	565	-12.8%
Hendricks	1,394	1,125	-19.3%
Johnson	1,318	1,280	-2.9%
Madison	1,053	856	-18.7%
Marion	9,466	7,441	-21.4%
Morgan	631	573	-9.2%
Shelby	380	313	-17.6%
TOTAL	18,443	15,562	-15.6%

Active Listings over Time

Month	Active Listings	% Change
Mar-08	18,405	-0.9%
Apr-08	18,996	-1.8%
May-08	19,218	-4.1%
Jun-08	19,412	-6.6%
Jul-08	19,335	-7.4%
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	-14.3%
Mar-09	15,562	-15.6%

Average Sale Price

County	YTD March 08	YTD March 09	% Change
Boone	$263,971	$253,528	-4.0%
Hamilton	$253,303	$215,705	-14.8%
Hancock	$135,657	$113,331	-16.5%
Hendricks	$163,556	$155,437	-5.0%
Johnson	$139,716	$130,620	-6.5%
Madison	$75,087	$63,843	-15.0%
Marion	$97,118	$90,164	-7.2%
Morgan	$128,238	$115,003	-10.3%
Shelby	$97,195	$70,240	-27.7%
Average	$140,878	$123,461	-12.4%

2009 Two Central Indiana counties report increased sales in February

Available inventory in the nine-county region continues to drop

INDIANAPOLIS – More than 1,600 Central Indiana homes pended in February, with two counties reporting significant increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company. Madison County posted a 14.7 percent increase, and Boone County sales rose 11.4 percent.

February pended home sales in the nine-county area were down 20.6 percent with 1,643 homes pending compared to 2,069 in February 2008. Year to date, overall pended home sales are down 19.6 percent compared to the same timeframe in 2008.

Available homes for sale in the nine-county region dropped 14.3 percent in February 2009 with 15,377 homes on the market, 2,566 fewer homes than in February 2008. Three counties experienced significant inventory declines. Shelby County experienced the greatest decrease in inventory at -23.4 percent, followed by Marion County with -20.4 percent and Hendricks County at -17.2 percent.

“The continual drop in inventory is a good sign for the overall market,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “It’s a strong signal that our local market is strengthening.”

Tucker’s data also indicates that one Central Indiana county – Johnson County – saw an increase in average home prices for the second consecutive month, compared to January and February of last year. Homes in Johnson County sold for an average of $141,208 in February 2009, compared to $135,178 the February 2008, a 4.5 percent increase in the average home sales price.

“Conditions have been improving for home buyers,” said Litten, “Improved affordability, low interest rates and first–time buyer tax credits are catching the attention of buyers who may have otherwise waited on the sidelines.”

Pended single-family and condominium home sales

County	February 08	February 09	Month-to-Month % Change	Year-to-date % Change
Boone	44	49	11.4%	-18.3%
Hamilton	400	294	-26.5%	-24.1%
Hancock	72	52	-27.8%	-30.3%
Hendricks	171	148	-13.5%	-16.8%
Johnson	165	107	-35.2%	-34.1%
Madison	102	117	14.7%	-7.3%
Marion	1,022	800	-21.7%	-17.1%
Morgan	57	46	-19.3%	-8.9%
Shelby	36	30	-16.7%	-23.9%
TOTAL	2,069	1,643	-20.6%	-19.6%

Active Listings -Inventory

County	February 08	February 09	% Change
Boone	517	583	12.8%
Hamilton	2,889	2,728	-5.6%
Hancock	629	579	-7.9%
Hendricks	1,316	1,089	-17.2%
Johnson	1,255	1,246	-0.7%
Madison	1,035	894	-13.6%
Marion	9,305	7,408	-20.4%
Morgan	608	552	-9.2%
Shelby	389	298	-23.4%
TOTAL	17,943	15,377	-14.3%

Active Listings over Time

Month	Active Listings	% Change
Feb-08	18,103	4.7%
Mar-08	18,405	-0.9%
Apr-08	18,996	-1.8%
May-08	19,218	-4.1%
Jun-08	19,412	-6.6%
Jul-08	19,335	-7.4%
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	-14.3%

Average Sale Price

County	YTD February 08	YTD February 09	% Change
Boone	$263,612	$240,047	-8.9%
Hamilton	$253,381	$219,937	-13.2%
Hancock	$141,224	$114,107	-19.2%
Hendricks	$157,869	$147,562	-6.5%
Johnson	$135,178	$141,208	4.5%
Madison	$75,975	$55,928	-26.4%
Marion	$95,360	$85,759	-10.1%
Morgan	$130,830	$113,167	-13.5%
Shelby	$104,335	$56,906	-45.5%
Average	$138,276	$120,880	-12.6%

2009 14 percent decrease in homes for sale is good news for homeowners

Buyers and sellers both encouraged by recent changes

INDIANAPOLIS– Available homes for sale in the nine-county region dropped 14.5 percent in January 2009 with 2,613 fewer homes on the market than in January 2008. Total homes available for sale in January were 15,415, according to active listing statistics compiled by F.C. Tucker Company. Hendricks County, Shelby County and Marion County experienced the greatest decrease in inventory, with -22 percent, -20.5 percent and -19.7 percent, respectively. With fewer homes on the market, sellers are in a better position to transition to another home.

First-time home buyers also received good news this week with President Obama’s signing of the American Recovery and Reinvestment Act which includes a revised first-time home buyer’s credit effective for home purchases from Jan. 1, 2009 to Dec. 1, 2009. Differences from the 2008 first-time home buyer’s credit include no repayment and credit recapture on the sale within three years of purchase.

While the average number of pended homes sales in Central Indiana was down 19.2 percent overall in January 2009 compared to the same time last year, one Indianapolis-area county reported higher sales. Morgan County showed improvement over other counties in the nine-county region F.C.Tucker surveys, reporting a 9.1 percent increase in home sales.

This past January, 1,562 homes sold (pended) in Central Indiana. One year ago in January 2008, Central Indiana consumers purchased 1,934 homes. Litten said, “There’s still a great deal of buying activity, but it is still not at the levels we have come to expect.”

“As we move into the busy home-buying and selling season of spring, I expect more first-time home buyers will enter the market to take advantage of the new $8,000 tax credit,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division.  “I’m also hopeful that Central Indiana’s competitive home prices, coupled with efforts by the Federal government to stimulate the economy, will boost consumer confidence and motivate consumers to get off the sidelines.”

Tucker’s just-released data also shows that two Indianapolis areas saw increases in average home prices. Homes in Johnson County sold for an average of $154,239 in January 2009, compared to $136,042 in January 2008, a 13.4 percent increase in the average home sales price. Also, Boone County showed a 3.1 percent increase in home sales price, bringing the average homeprice to $291,058.

As the tax season nears, Litten reminds buyers that there are additional advantages to purchasing a home. “Beyond the mortgage interest and real estate tax exemptions on your tax returns, homeowners may also qualify for residential energy credits of up to 30 percent of the cost for certain home improvements, including equipment and installation for solar electric power, solar water heating, wind energy and more,” said Litten.

Active Listings -Inventory

County	January 08	January 09	% Change
Boone	487	577	18.5%
Hamilton	2,850	2,650	-7.0%
Hancock	652	578	-11.3%
Hendricks	1,330	1,037	-22.0%
Johnson	1,260	1,186	-5.9%
Madison	1,015	950	-6.4%
Marion	9,454	7,593	-19.7%
Morgan	600	542	-9.7%
Shelby	380	302	-20.5%
TOTAL	18,028	15,415	-14.5%

Pended single-family and condominium home sales

County	January 08	January 09	% Change	Year-to-date % Change
Boone	65	37	-43.1%	-43.1%
Hamilton	352	267	-24.1%	-24.1%
Hancock	74	47	-36.5%	-36.5%
Hendricks	169	134	-20.7%	-20.7%
Johnson	158	99	-37.3%	-37.3%
Madison	117	93	-20.5%	-20.5%
Marion	913	801	-12.3%	-12.3%
Morgan	55	60	9.1%	9.1%
Shelby	31	24	-22.6%	-22.6%
TOTAL	1,934	1,562	-19.2%	-19.2%

Average Sale Price

County	January 08	January 09	# Change	% Change
Boone	$282,338	$291,058	$8,720	3.1%
Hamilton	$256,890	$220,052	-$36,838	-14.3%
Hancock	$135,580	$96,298	-$39,282	-29.0%
Hendricks	$146,826	$142,187	-$4,639	-3.2%
Johnson	$136,042	$154,239	$18,197	13.4%
Madison	$70,533	$60,624	-$9,909	-14.0%
Marion	$91,021	$81,780	-$9,241	-10.2%
Morgan	$125,315	$123,108	-$2,207	-1.8%
Shelby	$95,719	$63,767	-$31,952	-33.4%
Average	$135,449	$118,438	-$17,011	-12.6%

Three Central Indiana counties see increase in home sales

Decreasing housing inventory, stable sales prices assist sellers, but still a buyer’s market

INDIANAPOLIS – While overall home sales remain lower on amonth-to-month and year-to-date basis in Central Indiana,three Indianapolis-area counties reported higher sales in December 2008 thanthe same time in 2007, according to finalized pended sales statistics compiled byF.C. Tucker Company. Hancock, Johnson and Marion counties showed improvementover other counties in the nine-county region F.C. Tucker serves.

Available homes for sale dropped 14.3 percent in December 2008 with 2,605 fewer homes on the market than in December 2007. Total homes available for sale at year-end were 15,600. Marion County and Hendricks County experienced the greatest decrease in inventory at 19.2 percent each.

Current interest rates are hovering around 5 percent for a 30-year, fixed-rate loan, and with the Federal Reserve’s MBS (mortgage-backed securities) buying program in full swing, many experts believe that mortgage rates will stay down for the foreseeable future.

“We continue to be encouraged by the decline in inventory in Central Indiana,”said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “As available inventory declines, we hope to see pricing firm up. Also, as interest rates remain historically low, consumer confidence will continue to grow.”

Homes remained on the market an average of 92 days in December, only a 2.2 percent increase comparing year-to-date figures from 2007 and 2008. Four counties – Hancock, Hendricks, Johnson and Madison – showed a decrease in days on the market, compared to December 2007. Madison County boasted the largest change, shaving off an average of six days on the market.

Madison County also showed a 7.4 percent increase in average home sales price in December 2008, compared to December 2007. Home inventory in the county decreased 7.9 percent over the same time frame. Litten is optimistic the trend will continue into 2009.

Pended single-family and condominium home sales

County	December 07	December 08	% Change	Year-to-date % Change
Boone	42	41	-2.4%	-14.3%
Hamilton	237	225	-5.1%	-11.3%
Hancock	56	58	3.6%	-14.6%
Hendricks	125	92	-26.4%	-7.8%
Johnson	112	118	5.4%	-12.0%
Madison	83	66	-20.5%	-15.7%
Marion	729	746	2.3%	-10.4%
Morgan	40	39	-2.5%	-9.9%
Shelby	28	26	-7.1%	-9.1%
TOTAL	1,452	1,411	-2.8%	-11.0%

Active Listings -Inventory

County	December 07	December 08	% Change
Boone	516	543	5.2%
Hamilton	2,808	2,609	-7.1%
Hancock	644	594	-7.8%
Hendricks	1,336	1,080	-19.2%
Johnson	1,262	1,159	-8.2%
Madison	1,084	998	-7.9%
Marion	9,519	7,695	-19.2%
Morgan	614	562	-8.5%
Shelby	382	320	-16.2%
TOTAL	18,165	15,560	-14.3%

2008 F.C. Tucker market analysis shows reductions in available housing inventory in 2008;

Predicts slight Central Indiana real estate market improvement in 2009

INDIANAPOLIS – Month after month, Central Indiana housing inventory steadily declined during 2008, with November showing a 13 percent drop, or 2,513 fewer homes on the market, compared to the same time last year, according to active listings statistics compiled December 8 by F.C. Tucker Company. Of the nine counties Tucker tracks, Hendricks County showed the largest decrease in inventory at -19.6 percent.

“As the number of homes available reaches a six-month supply in 2009, we will finally see a supply/demand correction of the local housing market,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Our current inventory is less than eight months, so the opportunity for central Indiana real estate to rebound gets closer and closer. Today, it remains a buyers’ market, and with low interest rates, more and more buyers are seriously looking.”

Tucker estimates that nearly 25,000 homes will be pended in the nine-county region by year-end. The average year-to-date sales price remained off 5 percent for the year; in November, the average price for a home was $145,014. Tucker estimates that the 5 percent decrease in the average sales price will track through December. Litten said, “Central Indiana’s housing afford ability index, according to the National Association of Home Builders, is one of the best in the nation, and our afford ability bodes well for an earlier recovery than some areas of the country.”

Of the nine counties, Hendricks County showed the least decline in homes pended in November, with 6.9 percent fewer homes pended compared to the same time last year. Hancock County showed the highest decline in November with 16.4 percent fewer homes pended compared to the same time last year. For this year, home sales are down 11 percent.

“As we reflect on 2008 and the challenges facing our nation, and the Central Indiana real estate market in particular, we can take comfort knowing that economic downturns don’t last forever,” added Litten. “I believe efforts to reform the nation’s lending practices will strengthen consumer confidence in 2009. Moreover, Central Indiana continues to have a strong economic base of business activity and one of the steadiest real estate markets in the nation. I am optimistic that we’ll see improvement in 2009.”

¡ An increase in real estate sales in 2009 over 2008 numbers. According to panelists from Indiana University’s annual business outlook, Indianapolis should see more positive numbers for Indianapolis in the fourth quarter. Our market could rebound more quickly than other U.S.cities, primarily due to our nationally recognized affordability.

Pended single-family and condominium home sales

County	November 07	November 08	% Change	Year-to-date % Change
Boone	61	40	-34.4%	-15.3%
Hamilton	288	240	-16.7%	-11.8%
Hancock	76	57	-25.0%	-16.4%
Hendricks	136	124	-8.8%	-6.9%
Johnson	140	96	-31.4%	-13.0%
Madison	109	86	-21.1%	-15.3%
Marion	827	734	-11.2%	-10.8%
Morgan	66	46	-30.3%	-11.1%
Shelby	34	27	-20.6%	-9.0%
TOTAL	1,737	1,450	-16.5%	-11.4%

Active Listings – Inventory

County	November 07	November 08	% Change
Boone	556	598	7.6%
Hamilton	2,961	2,797	-5.5%
Hancock	679	634	-6.6%
Hendricks	1,435	1,154	-19.6%
Johnson	1,317	1,275	-3.2%
Madison	1,141	1,068	-6.4%
Marion	10,159	8,288	-18.4%
Morgan	653	616	-5.7%
Shelby	404	362	-10.4%
TOTAL	19,305	16,792	-13.0%

An increase in real estate sales in 2009 over 2008 numbers. According to panelists from Indiana University’s annual business outlook, Indianapolis should see more positive numbers for Indianapolis in the fourth quarter. Our market could rebound more quickly than other U.S. cities, primarily due to our nationally recognized affordability.

Housing prices stabilizing at 2008 levels. Even in a year of significant foreclosures from the sub-prime debacle, the average home price in Central Indiana only dipped five percent, compared to some areas in the country such as California, Florida and Nevada that are down more than 20 percent. Because of the current slowdown, there is a tremendous amount of pent-up demand for buyers waiting on the sidelines. Sales are moving for people who need a home, and as prices level off, we will see an equilibrating of supply and demand in the housing market.

Residential real estate inventory declining further until Central Indiana reaches a six-month supply in late 2009. Despite being a buyer’s market, sellers are encouraged because inventory is decreasing – which means less competition.

Interest rates to remain low in 2009. The Federal Reserve cut interest rates nine times in 2008, leaving rates at record lows heading into 2009. Also, contrary to popular belief, banks are still lending money, and there will continue to be unprecedented buying opportunities in Central Indiana through much of 2009.

A new administration in Washington will bring positive change. In January, Americans will welcome a new administration, allowing a fresh start in 2009. President-elect Obama will immediately focus on creating jobs and providing much needed relief for American families. Homeowners can take heart that Obama intends to provide direct, immediate assistance by reforming the bankruptcy code, enacting a 90-day foreclosure moratorium and providing state fiscal relief to aid in property tax increases, among other initiatives.

Are You Considering a Major Home Improvement Project in the Near Future ? There are possible considerations when weighing the cost of the project versus the possible value that might be added to your home as a result of making the improvement.

Every year, REALTOR magazine evaluates the potential paybacks that a homeowner might enjoy as a result of a variety of home remodeling projects. In the December 2008 issue of the magazine, there is an assessment of the possible “top” home improvement projects that could possibly improve the marketability and value of a home, based upon several criteria. The assessment is based upon the region of the country where the home is located (Indiana being considered as East North Central), and midrange versus upscale remodeling projects (reflective of the cost range of the project).

The article described the top ten project paybacks as being “replacement projects that boost curb appeal— siding, windows, and decks”. It also stated “only kitchen remodels can compare, at least on a national basis”. The following details illustrate the findings from REALTOR magazine relative to remodeling projects for decks, siding, windows, and kitchens, as well as other select projects:

Remodel Type Upscale Cost / % Value Retained Midrange Cost / % Value Retained

Composite Deck Addition $37,893 / $20,747 – 54.8% $15,440 / $9,910 – 64.2%

Wood Deck Addition $10,534 / $7,263 – 68.9%

Fiber Cement Siding $12,965 / $10,279 – 79.3%

Vinyl Siding $12,184 / $9,061 – 74.4% $10,398 / $7,591 – 73.0%

Wood Windows $18,276 / $12,127 – 66.4% $12,117 / $8,156 – 67.3%

Vinyl Windows $14,322 / $9,806 – 68.5% $11,077 / $7,429 – 67.1%

Kitchen (Major Remodel) $113,056 / $70,703 – 62.5% $58,253 / $38,726 – 66.5%

Kitchen (Minor Remodel) $21,759 / $15,038 – 69.1%

Roofing $39,144 / $20,594 – 52.6% $20,227 / $11,056 – 54.7%

There are a number of other possible remodeling projects that are discussed and detailed among the statistics provided in REALTOR’S article titled “Remodeling’s Cost vs. Value Report by Hanley Wood LLC. It is always important to understand that there is not only the consideration of possible paybacks on these types of projects, but possibly more important, many of the remodeling projects become imperative for a Seller’s home to be competitive in buyer’s market.

If you are contemplating a remodeling project, please feel free to contact me to discuss the merits of completing the project prior to selling your home in the future. I am always available to help you assess your options and I hope you will not ever hesitate to call me for assistance.