Metro-area home sales plummet

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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.


    Don't you think prices increases in the area is more benficial than selling less homes? People are getting more for the homes now than last year, that's a great thing! I would not consider a 16.5% decrease a plummet. Yes, the market is still down, but people are becoming more confident in listing their homes and can get more for it than they did last year.

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

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