Area home sales, prices continue to escalate as inventories shrink

The seller’s market for existing homes in central Indiana showed no signs of abating last month, with sales and prices showing steep increases amid even tighter inventories.

Buyers swooped up available properties at a rapid pace, often showing a willingness to pay more than the asking price to secure a purchase.

Completed sales of single-family homes in the 16-county area jumped from 2,591 in April 2020 to 3,033 last month—an increase of 17.1%, according to the latest data from the MIBOR Realtor Association.

The sales increase was the ninth in the past 10 months. On a year-to-date basis, closed sales are up 7% so far this year, to 10,220, compared with 9,550 in the first four months of 2020.

The median price for homes sold in the area last month rose 13.1%, to $237,500, compared with $210,000 in April 2020.

Homeowners in April, on average, got 100.6% of their asking prices, up from 99.7% in March and 98.3% in April 2020.

The active inventory in April dropped 54.6%, to 1,617 houses, on a year-over-year basis.

New listings were up 40.8% on a year-over-year basis, from 2,858 to 4,025.

The average number of days that homes spent on the market fell from 22 days in April 2020 to 19 days last month, a decline of 47%.

“These numbers prove there is a strong demand for housing and set the stage for a strong spring and summer selling season,” MIBOR chief executive Shelley Specchio said in written comments.

Marion County

In Marion County—the most active market in central Indiana—closed sales in April rose 25.4%, to 1,230.

The median sales price in the county rose 13%, to $200,000. New listings increased 49.7%, from 1,155 in April 2020 to 1,729 last month. The active inventory of available single-family homes plunged 39.7%, to 893.

Other area counties

In Hamilton County, sales were up 6.5%, to 523, in April. The median sales price rose 13%, to $364,000. The inventory of houses fell 72%, to 241.

In Hendricks County, sales rose 9.8%, to 224, and the median sales price increased 10.7%, to $265,741.

In Johnson County, sales increased 3.4%, to 242, and the median sales price rose 18.5%, to $250,000.

Sales in Boone County ticked up 1% last month, to 105, while the median price of a home escalated 36.2%, to $375,000.

Hancock County sales were up 26.2%, to 130, and the median price rose 17.7%, to $270,615.

Sales rose 15.7% in Madison County last month, to 133. The median sales price increased 8.7%, to $157,500.

Morgan County sales increased 17.3%, to 95, and the median sales price rose 0.9%, to $209,900.

Shelby County saw 38 closed home sales last month, up from 31 in April 2020. The median price dipped 1.2%, to $155,585.

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