Central Indiana existing-home sales on the rise

Existing-home sales in central Indiana rose 3.6 percent in October amid rising prices and a continuing decline in housing inventory.

In the 13-county area, closed home sales grew from 2,634 in October 2015 to 2,729 in October of this year, according to data released Tuesday by MIBOR Realtor Association.

The growth rate in sales fell last month. Year-over-year sales were up 11.9 percent in September and 9.4 percent in August.

The total number of active home listings dropped 16.1 percent, from 10,275 a year ago to 12,249 at the end of last month. New listings declined 5.6 percent, to 3,107.

The average home sale price during the year-over-year period rose 6.1 percent, to $187,456. The median price rose 7.7 percent, to $153,000.

“As we enter the final quarter of 2016, we are in a comfortable pace despite declining inventory,” MIBOR President Roger Lundy said in a written statement. “For the third month in a row we have seen an increase in closed sales, meaning that buyers are finding options in today’s local market. The low inventory also means higher sales prices, of which sellers can benefit.”

In Marion County—typically the most active market in central Indiana—closed sales rose 1.8 percent in October from the same month in 2015, to 1,133. The average sales price rose 6.8 percent, to $126,000. New listings fell 6.2 percent.

In Hamilton County, closed sales rose 3 percent, to 514, while the average sales price rose 6.9 percent, to $288,069.

In Hendricks County, sales jumped 8.8 percent, to 246, while the average price increased 7.3 percent, to $195,937.

Johnson County saw a 8.1 percent decline in closings, to 216, and the average sales price increased 6.9 percent, to $155,000.

In Boone County, the average sales price rose 7.1 percent, to $294,577. Closings were up 28 percent, to 104.

Hancock County sales fell 8.1 percent, to 102, and the average price dropped 8 percent, to $165.029

Madison County saw sales jump 21 percent, to 132, and the average sale price jump 10.1 percent, to $106,010.

Eight homes priced at $1 million or more changed hands in the area in October, up from seven a year ago.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.