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Local home sales continue downward slide

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A rebound in existing home sales seems to be as elusive in 2011 as it was last year.

Home-sale agreements in the nine-county Indianapolis area fell 16.7 percent in February compared to the same month of 2010, according to a report released Friday by F.C. Tucker Co.

Sale agreements fell to 1,473 last month from 1,930 in February 2010. The decline marked the 10th consecutive month in which year-over-year sales slumped in the area. The area experienced three straight months of improving sales activity early last year thanks to generous federal tax incentives.

In Marion County, February sales agreements fell 26.1 percent compared with the previous year, from 934 to 690.

Pending sales plummeted 32.1 percent in February in Hamilton County, from 390 to 265, and dipped 13.6 percent in Hendricks County, from 162 to 140. Sales agreements dropped 23.1 percent in Johnson County, from 143 to 110.

The average sale price in the Indianapolis area in February was $139,019, up 1.8 percent from a year earlier, the report said.

Active listings dipped 3.6 percent, from 14,798 in February 2010 to 14,259 last month.
 

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  • Honest reporting
    Thank you, IBJ, for straight forward analysis of the numbers. I am a member of MIBOR and am weary of the spin put on reality by my peers. It does not help and it's difficult to tease out the truth. Worse, it only serves to create seller envy and confusion.

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  1. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

  2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

  3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

  4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

  5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

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