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Indy's housing market posts strong September

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September was a strong month for the Indianapolis area's housing market, as building permits for new construction and pending sales of existing homes both jumped substantially. 

In the nine-county metropolitan area, the number of home-construction permits filed last month rose to 276, an increase of 22 percent from the same month in 2010, according to the Builders Association of Greater Indianapolis.

At the same time, home-sale agreements in the area rose 5.1 percent from September 2010, the fifth straight month of year-over-year increases. Sales agreements climbed to 1,634 last month, an increase of 80 over the same time last year, according to a report released Friday by F.C. Tucker Co.

Year-to-date sales agreements are down 2.7 percent from the same period in 2010.

The same holds true for building activity. Through the first nine months of the year, the number of filings remains 3 percent below last year’s level. A total of 2,862 permits have been filed through September.

In Marion County, 46 single-family building permits were filed last month, but that was still an improvement of 18 percent over September 2010. The county saw a 9.2-percent increase in September sales agreements from a year earlier, from 682 to 745.

The number of Hamilton County sales agreements rose 1.7 percent, from 292 to 297. The number of home-construction permits increased 12 percent, from 90 to 101. Permits also rose 12 percent in Hendricks County, from 41 to 46, while sales agreements increased 14.8 percent, from 142 to 163.

Available homes for sale in the nine-county region dropped 13.6 percent in September, with 14,595 houses on the market. Marion County's inventory fell 14.7 percent.

Year-to-date average sale prices are up 1.8 percent in 2011, from $149,905 to $152,554.

Meanwhile, the increase in September home-construction permits in the metropolitan area marked the third time they’ve risen by double digits within the past four months.

The nine-county area’s September increase matches the 22-percent jump in permit filings for August. The number of permits in July fell 3 percent from the same time in 2010, but they were up 29 percent in June.

The year got off to a rocky start as the first three months of 2010 saw double-digit decreases in permits filed.

 

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  • Tis the season
    The spike in building permits is not a sign of recovery in the housing market. This is simply the time of the year that builders pull permits to get slabs for specs in the ground before winter sets in. The housing market still needs a boost from Washington before it can ever hope to recover. Congress - are you listening? Real leaders take responsibility - not a vacation!
  • Wrong Guideline
    Increasing the supply of homes in a market filled with vacancies and for sale homes isn't good news.......what do you think put us where we are today?

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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