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Existing-home sales rise in Indianapolis area amid shrinking inventories

May 29, 2018

Existing-home sales in central Indiana rose 3 percent in April despite declining inventories and soaring prices.

In the 15-county area, closed home sales rose from 3,117 in April 2017 to 3,212 last month, according to data from the MIBOR Realtor Association.

The market rebounded from an off-month in March, when sales dropped 7.5 percent on a year-over-year basis—the first decline in seven months. Sales have risen in 26 of the past 30 months.

The total number of active home listings in the region plummeted 32 percent, from 8,888 at the end of April 2017 to just 6,046 at the end of last month. New listings, however, rose 3.6 percent, to 4,348.

The average area home sales price during the year-over-year period increased 9.6 percent, to $213,715. The median price rose 9.4 percent, to $175,000.

Home owners across central Indiana in April got an average of 97 percent of their original list price when selling their houses.

Pending sales in the area were up 15.9 percent, to 3,920, which should bode well for next month’s closed sales results.

Statewide results

Statewide, 7,729 homes were sold in April, a 5.1 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 8.2 percent, to $182,851. The statewide inventory of homes fell 17.9 percent, to 22,532 units. New listings rose 1.3 percent, to 10,520. Home owners across the state in April got an average of 96.7 percent of their original list price when selling their houses.

Busiest counties

In Marion County—typically the most active market in central Indiana—closed sales in April rose 1.4 percent, to 1,307.

The average sales price in the county rose 10.2 percent, to $176,103. New listings dropped 2 percent, to 1,625.

The inventory of single-family detached houses was down 39.3 percent, to 1,798. The townhouse-condo inventory fell 36.9 percent, to 250 units.

In Hamilton County, sales rose 1.7 percent, to 597. The average sales price rose 11.8 percent, to $329,097. The inventory of single-family detached houses fell 21.4 percent, to 1,221.

In Hendricks County, sales increased 1.5 percent, to 267, while the average sales price rose 9.3 percent, to $225,086.

In Johnson County, sales rose 7.3 percent, to 251, while the average sales price rose 6.6 percent, to $207,067.

 

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