Existing-home sales in central Indiana jumped 18.6 percent in May as average sale prices ticked up and inventory dropped significantly.
In the nine counties that comprise the Indianapolis metro area and four adjacent counties, closed home sales grew from 3,162 in May 2015 to 3,750 in May of this year, according to data released Tuesday by MIBOR Realtor Association.
The average home sale price over that period rose 2.1 percent, from $186,765 to $190,769, a 2.1 percent increase.
The number of homes newly listed in May declined 1.9 percent from the same month in 2015, falling from 4,541 to 4,453. The total number of active listings was down 11.4 percent, from 12,353 a year ago to 10,944 at the end of last month.
Pending sales—agreements signed but not yet closed—rose 5.7 percent in May from the same month in 2015, from 3,266 to 3,089. Pending sales are often 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 16.8 percent in May from the same month in 2015, from 1,283 to 1,498. The average sale price rose 0.6 percent, from $150,675 to $151,574.
In Hamilton County, closed sales rose 6 percent, from 714 to 757, while average sale prices rose 3.7 percent, from $272,900 to $282,931.
In Hendricks County, sales rose 10.9 percent, to 316, while average price increased 2.6 percent, to $194,193.
Johnson County saw a 16 percent jump in closings, to 298, and the average price rose 12.5 percent, to $194,297.
In Boone County, average sale prices dipped 2.8 percent, to $271,087. Closings rose 5.9 percent, from 118 to 125.