Area existing-home sales drop on rising prices, low inventory

Sales of existing single-family homes dropped 4.5% in central Indiana in November—ending a two-month streak of increases.

Completed sales in the 16-county area fell from 2,713 in November 2018 to 2,592 last month, according to the latest data from the MIBOR Realtor Association.

November’s drop followed a 1.5 percent year-over-year increase in October and a 1.8% rise in September. Sales had fallen in seven of the previous eight months.

On a year-to-date basis, closed sales are down 1.3% in the area, to 32,689.

The total number of active home listings in the region fell 8.6% on a year-over-year basis, to 5,837 at the end of last month. New listings were down 3.8%, to 2,443.

The median sales price for an existing single-family home increased 4.6%, to $187,250.

Homeowners across central Indiana in November got an average of 97.3% of their original list price when selling their houses. That was down from 97.5% in October.

Homes spent an average of 51 days on the market, down from 43 a year ago.

Pending home sales were up 9.5% in November on a year-over-year basis, to 2,487.

“As we round out 2019, we see many metrics similar to what we have seen in previous months. High demand is driving increased prices, balanced against the challenge of low inventory,” said MIBOR CEO Shelley Specchio in written comments. “However we still consider this a strong market given the fact that sales are consistent and buyers are present and optimistic.”

Marion County

In Marion County—the most active market in central Indiana—closed sales in November decreased 6%, to 974.

The median sales price in the county spiked 10.3%, to $160,000. New listings fell 4.2%, to 1,009.

The inventory of available single-family detached houses in Marion County fell 6.7%, to 2,202.

Other area counties

In Hamilton County, sales were down 2.5%, to 462, in November. The median sales price dropped 1.4%, to $300,000. The inventory of single-family detached houses fell 5.6%, to 1,157.

In Hendricks County, sales rose 8%, to 244, and the median sales price increased 4.8%, to $224,500.

In Johnson County, sales shrank 16.3%, to 200, and the median sales price rose 7.8%, to $199,450.

Sales in Boone County were up 7.8%, to 83, while the median price of a home dropped 16%, to $289,798.

Hancock County sales decreased 17.5%, to 94, and the median price rose 14.5%, to $221,750.

Sales were up 19.9% in Madison County, to 169. The median sales price increased 3.1%, to $121,500.

Morgan County sales increased 9.6%, to 91, and the median sales price rose 12%, to $182,500.

Shelby County saw 32 closed home sales in November, down from 40 the previous year. The median price rose 10.4%, to $137,500.

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