Existing-home sales, prices climb in central Indiana

May 24, 2016

Existing-home sales in central Indiana jumped 12.4 percent in April as average sale prices rose slightly and inventory dropped significantly.

In the nine counties that comprise the Indianapolis metro area and four adjacent counties, closed home sales grew from 2,734 in April 2015 to 3,072 in April of this year, according to data released Tuesday by MIBOR Realtor Association.

The average home sale price over that period rose 1 percent, from $182,931 to $184,732, a 1 percent increase. The number of homes newly listed in April declined 3.9 percent from the same month in 2015, falling from 4,725 to 4,547. The total number of active listings was down 10.4 percent, from 12,057 a year ago to 10,809 at the end of last month.

Pending sales—agreements signed but not yet closed—rose 5.4 percent in April from the same month in 2015, from 3,068 to 3,235. Pending sales are considered a more current indication of market activity than closed sales.

In Marion County—typically the most active market in central Indiana—closed sales jumped 11.4 percent in April from the same month in 2015, from 1,150 to 1,281. The median sale price rose 2.4 percent, from $123,000 to $126,000.

In Hamilton County, closed sales dipped 2.2 percent, from 588 to 575, while median sale prices rose 4.6 percent, from $216,450 to $226,500.

In Hendricks County, sales rose 6.1 percent, to 244, but the median price dipped 2.7 percent, to $164,475.

Johnson County saw a 31 percent increase in closings, to 273, and the median price rose 14.2 percent, to $163,000.

In Boone County, median sale prices surged 19.7 percent, to $270,000. Closings rose 27 percent, from 85 to 108.


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