IBJNews

Metro-area home sales plummet

Back to TopCommentsE-mailPrintBookmark and Share

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.
 
 

ADVERTISEMENT

  • PLUMMET?
    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.

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 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.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

ADVERTISEMENT