Existing-home sales erupt in central Indiana

Existing-home sales in central Indiana soared 21 percent in November despite rising prices and a continuing decline in housing inventory.

In the 13-county area, closed home sales grew from 2,105 in November 2015 to 2,546 in November of this year, according to data released Tuesday by MIBOR Realtor Association.

The total number of active home listings dropped 14.2 percent, from 11,449 a year ago to 9,828 at the end of last month. However, new listings were up 5.1 percent, to 2,619.

The average home sale price during the year-over-year period rose 5.1 percent, to $193,432. The median price rose 6.2 percent, to $154,000.

“The double-digit percent increase in closed sales proves that people are still finding what they want despite the declining temperatures and declining inventory,” MIBOR President Roger Lundy said in a written statement. “For the fourth month in a row, we have seen this increase in closed sales, which gives hope that a robust market is likely for 2017.”

In Marion County—typically the most active market in central Indiana—closed sales rose 23.2 percent in November from the same month in 2015, to 1,019.

The average sales price rose 7.4 percent, to $159,483. The inventory of homes for sale fell 20.3 percent, to 4,036. New listings fell 2.4 percent.

In Hamilton County, closed sales rose 23 percent, to 530, while the average sales price rose 6.8 percent, to $292,361.

In Hendricks County, sales increased 10.4 percent, to 222, while the average price increased 14.4 percent, to $203,329.

Johnson County saw an 11.2 percent increase in closings, to 199, and the average sales price dropped 10.1 percent, to $166,896.

In Boone County, the average sales price rose 10.4 percent, to $268,699. Closings were up 25 percent, to 85.

Hancock County sales rose 13.2 percent, to 103, and the average price increased 8.2 percent, to $170,138.

Madison County saw sales jump 76 percent, to 157, and the average sales price rose 19.8 percent, to $121,721.

Morgan County sales increased 23.3 percent, to 74, and the average sales price rose 3.4 percent, to $172,836.

Twelve homes and one condo priced at $1 million or more changed hands in the area in November, up from nine homes and no condos a year ago.

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