Residential Real Estate and Real Estate & Retail

Metro-area home sales plummet

February 22, 2010

January home sales in the nine-county area fell 16.5 percent from the same month last year, according to a report released Monday by Re/Max of Indiana, indicating the central Indiana housing market remains troubled.

Homes sold in the nine counties in January totaled 1,040, a decrease from the 1,246 sold in the same month in 2009. Home-sale agreements, or pending sales, also declined in January, dropping nearly 7 percent from the same month in 2009, to 1,436.

The number of homes on the market in January rose 11.3 percent, to 3,980, increasing the available inventory from 12.6 months to 13.5 months.

“Real estate in central Indiana is still stressed; people continue to lose homes either by default or by choice, so by all means it’s not a normal market,” the report said. “But prices are not going down, inventory is holding steady and properties priced for the market are selling.”

On a positive note, the average price of a home sold in January in the nine counties rose 12.1 percent, to $135,519.

The number of homes sold in Marion County last month fell to 657, down 18 percent compared to January 2008. The average price of a home in the county rose 1 percent, to $90,274.

January home sales in Hamilton County dropped 19.2 percent, to 218, while the average price of a home increased 2 percent, to $264,193.
 
 

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