Central Indiana home sales, prices soar as inventories shrink

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Existing-home sales in central Indiana jumped 10.5 percent in October amid soaring prices and rapidly shrinking inventories.

In the 15-county area, home sales rose from 2,844 in October 2016 to 3,144 last month, according to data released Tuesday by the MIBOR Realtor Association. Area home sales have risen on a year-over-year basis in 21 of the last 24 months.

The total number of active home listings in the region dropped a whopping 15.2 percent, from 10,690 a year ago to 9,066 at the end of last month. New listings were up by 1 percent, to 3,268.

The average area home sale price during the year-over-year period soared 7.6 percent, to $201,180. The median price rose 7.2 percent, to $164,000.

Pending sales in the area were up 15.6 percent in October, to 2,759.

Statewide, there was a 8.1 percent increase in closed sales in October compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 6.3 percent, to $175,488.

A total of 7,701 homes were sold in Indiana during the month.

The statewide inventory of homes dropped 10.3 percent, to 29,080 units. New listings increased 3.4 percent, to 8,618.

County breakdown

In Marion County—typically the most active market in central Indiana—closed sales rose 16.6 percent in October, to 1,321.

The average sales price in the county rose 9.1 percent, to $166,142. New listings were up 3.8 percent, to 1,356.

In Hamilton County, sales were up 4.7 percent, to 538, and the average sales price rose 4.6 percent, to $301,363.

In Hendricks County, sales rose 18.7 percent, to 292, while the average sales price increased 8.8 percent, to $213,259.

In Johnson County, sales increased 14.8 percent, to 248, while the average sales price rose 9.2 percent, to $195,573.

Madison County sales dropped 9.1 percent, to 120, and the average sales price rose 13.2 percent, to $119,975.

Boone County saw a 12.5 percent decline in sales, to 91, and the average price rose 5.8 percent, to $252,500.

Sales in Hancock County increased 15.7 percent, to 118, and the average price jumped 22.1 percent, to $201,560.

Morgan County sales rose 18.2 percent, to 104. The average price increased 21.5 percent, to $191,928.

Shelby County sales were down 5.9 percent, to 48, and the average price rose 18.2 percent, to $142,103.

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