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Indianapolis-area home sales jump as inventories tighten, prices rise

March 27, 2018

Existing-home sales in central Indiana shot up 8.2 percent in February despite shrinking inventories and rising prices.

In the 15-county area, closed home sales rose from 1,984 in February 2017 to 2,146 last month, according to data from the MIBOR Realtor Association. Area home sales have risen on a year-over-year basis in 25 of the last 28 months.

The total number of active home listings in the region plummeted 19.4 percent, from 8,489 at the end of February 2017 to just 6,845 at the end of last month. New listings were down 8.7 percent, to 2,850.

The average area home sales price during the year-over-year period increased 4.7 percent, to $196,729. The median price rose 10.2 percent, to $167,500.

Home owners across central Indiana in February got an average of 95.2 percent of their original list price when selling their houses.

Pending sales in the area were down 1.2 percent, to 2,519.

Statewide results

Statewide, 7,404 homes were sold in February, a 3.1 percent increase compared with the same month of 2017, the Indiana Association of Realtors said.

The average price of a home in the state rose 8.3 percent, to $172,058. The statewide inventory of homes fell 12.1 percent, to 23,175 units. And new listings fell 12.1 percent, to 6,953. Home owners across the state in February got an average of 95.4 percent of their original list price when selling their houses.

County breakdown

In Marion County—typically the most active market in central Indiana—closed sales in February jumped 16.9 percent, to 918.

The average sales price in the county rose 8.6 percent, to $160,022. New listings dropped 9.6 percent, to 1,135.

The inventory of single-family detached houses was down 28.5 percent, to 2,114. The townhouse-condo inventory fell 14.2 percent, to 333 units.

In Hamilton County, sales increased 4.3 percent, to 392. The average sales price rose 1.7 percent, to $302,341.

In Hendricks County, sales rose 1.1 percent, to 189, while the average sales price dropped 1.4 percent, to $201,534.

In Johnson County, sales rose 2.7 percent, to 150, while the average sales price rose 9.3 percent, to $197,442.

Madison County sales rose from 95 in February 2017 to 96 last month and the average sales price dipped 1.1 percent, to $101,285.

Boone County saw 63 sales, the same number as a year ago. The average price sank 3 percent percent, to $307,301.

Sales in Hancock County were down 13.9 percent, to 68 houses, and the average price jumped 15.1 percent, to $196,014.

Morgan County sales leaped 44.7 percent, to 68. The average price increased 17.9 percent, to $196,773.

Shelby County sales fell from 36 to 33, but the average price rose 6.2 percent, to $131,384.

 

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