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Central Indiana homes sales tick up amid tight inventories

October 24, 2017

Existing-home sales in central Indiana rose 0.9 percent in September amid higher prices and tightening inventories.

In the 15-county area, home sales rose from 3,196 in September 2016 to 3,226 last month, according to data released Tuesday by the MIBOR Realtor Association. Area home sales have risen on a year-over-year basis in 20 of the last 23 months.

The total number of active home listings dropped 12.9 percent, from 11,013 a year ago to 9,589 at the end of last month. New listings were down by 0.9 percent, to 3,586.

The average area home sale price during the year-over-year period rose 0.7 percent, to $197,986. The median price rose 3.2 percent, to $164,992.

Pending sales in the area were up 4.1 percent in September, to 2,805.

Statewide, there was a 0.2 percent increase in closed sales in September compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 2.4 percent, to $176,019. A total of 7,736 homes were sold in Indiana during the month.

The statewide inventory of homes dropped 11.1 percent, to  29,818 units. New listings dropped 4.1 percent, to 8,933.

County breakdown

In Marion County—typically the most active market in central Indiana—closed sales rose 0.2 percent in September, to 1,259.

The average sales price in the county rose 0.1 percent, to $163,326. New listings were up 4 percent, to 1,463.

In Hamilton County, sales were down 6.4 percent, to 595, and the average sales price dipped 0.2 percent, to $292,065.

In Hendricks County, sales rose 11.6 percent, to 288, while the average sales price increased 8.6 percent, to $210,994.

In Johnson County, sales slid 5.3 percent, to 234, while the average sales price rose 8.4 percent, to $196,536.

Madison County sales rose 9.7 percent, to 158, and the sales price rose 8 percent, to $121,155.

Boone County saw a 2.5 percent decline in sales, to 116, and the average price fell 9.7 percent, to $286,374.

Sales in Hancock County increased 8.1 percent, to 146, and the average price stayed almost flat, at $187,547.

Morgan County sales rose 4.3 percent, to 96. The average price increased 12.5 percent, to $195,719.

Shelby County sales were up 46 percent, to 57, and the average price dropped 5 percent, to $133,520.

 

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