When compared to the same three months in 2009, the average sale price of homes in central Indiana increased eight percent to $161,466 during June, July and August 2010. The average sale price during the past six months (March – August 2010) increased 7.2 percent, while the past 12 months (September 2009 – August 2010) saw an increase of 5.4 percent when compared to the same time periods in 2009. August 2010 compared to August 2009 gives the largest increase of 10.4 percent to $162,847.

Statewide, the average sale price of homes during August 2010 increased 5.9 percent to $139,804 when compared to August 2009.

The number of closed sales in central Indiana decreased by 19.5 percent in August 2010 when compared to August 2009, however this decline was not as sharp as July 2010 compared to July 2009. That decrease was 30.4 percent. The past 12 months (September 2009 – August 2010) saw a 2.1 percent increase in the number of closed sales when compared to September 2008 – August 2009.

Statewide, the number of closed sales during August 2010 decreased 19 percent when compared to August 2009.

“We often hear messages about the housing market that focus on the national picture. During the current economic environment, it is important to focus on the local housing indicators, which remain encouraging,” said Sue Applegate, 2010 MIBOR president. “Buyers in central Indiana have an opportunity to take advantage of historic low interest rates, which can provide more savings over the life of the mortgage than a one-time tax credit.”

“Nationally the real estate market is adjusting after the national tax-credit, but the market we are currently in has many advantages, more supply, historic low interest rates and less buyer competition,” said IAR CEO Karl Berron.

Additional key central Indiana findings:

• Median sale price also continued to increase. During June – August 2010, median sale price increased 1.2 percent; the six-month comparison recorded a 4.2 percent increase and the 12-month comparison increased by 2.6 percent.
• New listings decreased by 2.4 percent during the three-month comparison, increased six percent during the six-month comparison and increased 4.1 percent during the 12-month comparison.
• Months of supply hovered at 9.4 months in August 2010.

Although positive, the pended sales activity did slow by more than half in the March–May time period. Pendeds recorded February-April jumped by 25 percent likely due to the pending expiration of the tax credit.

Total sales volume also continued to rise during the three-, six- and 12-month comparisons. During March to May 2010, total sales volume increased 26 percent to $1.03 billion when compared to the same period in 2009, marking the first time in 2010 that sales volume exceed $1 billion. Sales volume increased 20 percent to $1.63 billion in the six-month comparison and increased 11 percent to $3.69 billion in the 12-month comparison.

Additional key local findings:

• Average sale price increased 10 percent to $146,581 during the three-month period, when compared to the same period in 2009. During December 2009 to May 2010, average sale price increased 11 percent compared to the previous six-month period. A year comparison shows an increase of 4 percent.
• Months of available supply decreased for homes at every price point.
• Months of supply, regardless of price point, was down to 8.3 months in June 2010 compared to 9.7 months in June 2009.
• New listings during the three-month period increased by 13 percent from the same period in 2009.

“The pended sales show the expected slow down following the tax credit expiration, but decreased inventory and continued strong sales prices are encouraging,” noted Sue Applegate 2010 MIBOR President.

“It is encouraging to see double digit increases in all the key areas for the last three months,” said Sue Applegate, 2010 MIBOR president. “The federal tax credit deadline most likely attributed to a surge of home sales in April, so looking at the six- and 12-month windows help give an even more accurate picture of the whole real estate market.”

Months of supply in Hamilton County decreased to 6.9 months – the lowest in central Indiana – in April 2010, down from 8.4 months in 2009.

Examining central Indiana as a whole, total home sales, sales volume, average sale price and median sale price increased during the three-, six- and 12-month comparisons. In the three-month outlook, units sold and units pended increased 11 percent and 25 percent, respectively, when compared to the same period in 2009. In a six-month comparison, units sold and units pended increased by 10 percent and 15 percent, respectively. A 12-month comparison shows units sold and units pended increased by 4 percent and 10 percent, respectively.

Additional key local findings:

• Hamilton County average sale price increased 10 percent during February to April 2010, decreased 5 percent during the six-month period ending in April and remained the same as the previous year.
• Months of available supply in the 13-county area decreased for homes priced up to $750,000
• Months of supply in central Indiana, regardless of price point, was down to 8.2 months in April 2010 compared to 9.1 months in April 2009
• New listings in central Indiana during the three-month period increased by 19 percent from the same period in 2009
• Central Indiana total sales volume increased 26 percent to $835 million in the three-month outlook, while average and median sale price increased 14 and 12 percent, respectively, during February to April 2010. In a 12-month comparison, total sales volume increased 7 percent to $3.62 billion, while average and median sale price both increased 3 percent.

INDIANAPOLIS — Units sold in central Indiana increased in the quarterly, six-month and 12- month comparisons, according to statistics released today by the Metropolitan Indianapolis Board of REALTORS®. During first quarter 2010, homes sold increased to 4,634, a 1 percent increase when compared to first quarter 2009. A six-month comparison shows that units sold increased 13 percent to 11,016 when compared to October 2008-March 2009. When compared to the previous 12-month period, units sold increased 1 percent to 25,103.

Units pended, a key indicator of market activity, also increased 11 percent during first quarter 2010, when compared to the same period in 2009. The six- and twelve-month comparisons show an increase of 11 percent and 5 percent, respectively.

Additional key local findings:

• Total sales volume during the first quarter increased 12 percent to $637 million.
• Months of supply, regardless of price point, decreased to 8.2 months in March 2010 compared to 9.0 months in March 2009.
• Average sale price increased 11 percent to $137,647 during first quarter when compared to the same period in 2009.
• Median sale price increased 12 percent to $109,900 during first quarter 2010 when compared to the same period 2009.

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.”

Active Listings – Inventory

Pended single-family and condominium home sales

Active Listings over Time

Average Sale Price

2009 Three counties show improvement in Central Indiana housing market

July statistics point to areas with improved sales, overall shrinking inventory

INDIANAPOLIS– While overall pended home sales remain lower on a month-to-month and year-to-date basis in Central Indiana, three Indianapolis-area counties reported higher sales than the same time last year, according to pended sales statistics compiled by F.C.Tucker Company.

July pended home sales in the nine-county area were down 3.1 percent overall with 2,267 homes pending compared to 2,339 in July 2008. Johnson County posted a 1.3 percent increase, followed by Marion County and Hamilton County, with 1.1 percent and .7 percent increase, respectively. Year to date, overall pended home sales are down 9.1 percent compared to the same time frame in 2008.

Housing inventory in Central Indiana continued to drop in July with 16,223 homes on the market in the nine-county region, 3,267 fewer homes than in July 2008 – a 16.8 percent decrease overall in inventory. Marion County was the only county to experience above average inventory declines with a 21.5 percent decrease.

“While the Central Indiana real estate market continues to stabilize and improve, I believe the momentum we’ve gained in the past few months will carry through to the end of the year,” said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “The economy is picking up, and we’re seeing the light at the end of the tunnel.”

Average year-to-date home sale prices, down 11.8 percent from the July 2008 year-to-date figures, have shown a steady improvement since January 2009. In January 2009, the average year-to-date home sale price was $118,438; in July 2009, it was $136,943.

A recent USA Today survey indicated two-thirds of economists believe existing-home sales have hit bottom. Also, consumer spending has stabilized. Such signals are prompting 37 percent of economists to predict a moderate or fast recovery.

Active Listings –Inventory

County	July 08	July 09	% Change
Boone	649	615	-5.2%
Hamilton	3,307	2,851	-13.8%
Hancock	722	626	-13.3%
Hendricks	1,437	1,230	-14.4%
Johnson	1,405	1,295	-7.8%
Madison	1,140	963	-15.5%
Marion	9,772	7,673	-21.5%
Morgan	665	608	-8.6%
Shelby	393	362	-7.9%
TOTAL	19,490	16,223	-16.8%

Pended single-family and condominium home sales

County	July 08	July 09	Month-to-Month % Change	Year-to-date % Change
Boone	88	74	-15.9%	-0.6%
Hamilton	455	458	0.7%	-10.1%
Hancock	74	63	-14.9%	-17.3%
Hendricks	192	189	-1.6%	-7.4%
Johnson	157	159	1.3%	-4.0%
Madison	156	116	-25.6%	-4.0%
Marion	1,085	1,097	1.1%	-9.9%
Morgan	89	74	-16.9%	-8.5%
Shelby	43	37	-14.0%	-24.6%
TOTAL	2,339	2,267	-3.1%	-9.1%

Active Listings over Time

Average Sale Price

Home Prices over Time

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