Existing-home sales in central Indiana dropped 7.5 percent in March as the inventory of available homes plummeted and prices soared.
It was the first month sales have fallen since July and only the fourth month they’ve declined on a year-over-year basis in the past 29 months.
In the 15-county area, closed home sales dropped from 3,206 in March 2017 to 2,966 last month, according to data from the MIBOR Realtor Association.
The total number of active home listings in the region nosedived nearly 35 percent, from 8,746 at the end of March 2017 to just 5,708 at the end of last month. New listings were down 8.8 percent, to 3,932.
The average area home sales price during the year-over-year period increased 10.6 percent, to $209,313. The median price rose 11.2 percent, to $173,500.
Home owners across central Indiana in March got an average of 95.9 percent of their original list price when selling their houses.
Pending sales in the area were up 30.5 percent, to 4,285, which should bode well for next month’s closed sales results.
Statewide, 7,043 homes were sold in March, a 5.2 percent decline compared with the same month of 2017, the Indiana Association of Realtors said.
The average price of a home in the state rose 7.2 percent, to $166,137. The statewide inventory of homes fell 19.3 percent, to 21,858 units. And new listings fell 5.7 percent, to 9,677. Home owners across the state in March got an average of 95.8 percent of their original list price when selling their houses.
In Marion County—typically the most active market in central Indiana—closed sales in March dropped 11.3 percent, to 1,149.
The average sales price in the county rose 11.8 percent, to $170,180. New listings dropped 10.6 percent, to 1,564.
The inventory of single-family detached houses was down 42 percent, to 1,708. The townhouse-condo inventory fell 36 percent, to 255 units.
In Hamilton County, sales rose 1.4 percent, to 585. The average sales price rose 9.4 percent, to $322,050. The inventory of single-family detached houses fell 29 percent, to 1,109.
In Hendricks County, sales dropped 12.2 percent, to 260, while the average sales price rose 5.9 percent, to $214,014.
In Johnson County, sales fell 8.2 percent, to 213, while the average sales price rose 3.2 percent, to $204,046.