IBJNews

Central Indiana home sales rise for first time in a year

Back to TopCommentsE-mailPrintBookmark and Share

Home sales in the nine-county Indianapolis area last month rose 32 percent compared with the same time a year ago, reversing a year-long slump in the residential market.

Sales agreements climbed to 2,089 last month from 1,575 in May 2010, according to a report released Wednesday by F.C. Tucker Co.

That marks the first increase in home-sale agreements since April 2010, when scores of potential homebuyers rushed to sign contracts prior to the expiration of a federal tax credit. The special credit provided up to $8,000 for first-time homebuyers and $6,500 for some repeat buyers.

While local real estate companies undoubtedly welcome last month’s improved sales figures, they’re skewed by the dramatic falloff in home sales last May. At the very least, though, pended home sales seem to be stabilizing. The 2,089 sales agreements reported last month compares favorably to April, when nearly the same amount—2,091—was recorded.

“The May sales numbers are showing positive signs of stabilizing over April 2011, and we are seeing inventory tightening up a bit,” F.C. Tucker President Jim Litten said in a prepared statement. “These are all good signs and point to ending the year on a positive note.”

Through May, sales agreements are down 13.7 percent compared to the first five months of 2010.

In Marion County, May sales agreements surged 30.4 percent compared with the previous year, from 694 to 905.

Pending sales also rose 30.4 percent last month in Hamilton County, from 336 to 438, and 48 percent in Hendricks County, from 123 to 182. Sales agreements increased 24.2 percent in Johnson County, from 132 to 164.

The average year-to-date sale price in the Indianapolis area through May was $144,652, down 5.9 percent from the same time last year, the report said.

Active listings fell 5.3 percent, from 16,424 in May 2010 to 15,557 last month.
    

 

ADVERTISEMENT

  • Re: Messenger
    You don't see Lawrence Yun, chief economist of NAR, always giving rosy thoughts and opinions on real estate related matters. The Indianapolis-Carmel housing market was named the best market for real estate investors (Inman News), and third for most affordable major metro housing market (NAHB). And, with home-sales rising, who knows, maybe Litten actually does believe what he is saying...
  • Messenger
    Of course the president of a real esnake company says things are getting better. What's he supposed to say?

    "Things are really in the crappy and I think we have another 10% to the downside to go yet." He may believe that, but he can't say it.

    This "up" number is called "beating and easy comp."

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

ADVERTISEMENT