Central Indiana existing-home sales, prices make huge jumps

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Sales of existing single-family homes made an eye-popping jump in central Indiana in September despite soaring prices for houses. Meanwhile, the number of new listings made a significant jump.

Completed sales in the 16-county area increased 17.1% in September on a year-over-year basis, according to the latest data from the MIBOR Realtor Association. Buyers closed on 3,650 homes during the month, compared with 3,116 in September 2019.

The monthly sales increase was the third in a row after a three-month streak of declining sales in the market brought on by the pandemic. Area sales had been on the rise in six of the previous seven months before April.

On a year-to-date basis, area sales are up 1.5%, to 27,367, compared with sales of 26,975 through the first nine months of 2019.

The median home price in the area reached $225,000, up 18.5% from a year ago.

The active inventory in September plummeted 49,5% on a year-over-year basis, to 3,165 houses. New listings jumped 13%, to 4,117.

Pending sales in September were up 28.5% from a year ago, to 3,896—a positive sign for October closed sales.

“While we continue to see a decrease in year-over-year active inventory, this month showed much improvement for closed sales and new listings,” said MIBOR CEO Shelley Specchio, who called the market “extremely tight.”

Marion County

In Marion County—the most active market in central Indiana—closed sales in September rose 9.4%, to 1,309.

The median sales price in the county spiked 16.9%, to $187,900. New listings rose 17.5%, to 1,692. The inventory of available single-family detached houses in Marion County fell 41.5%, to 1,330.

Other area counties

– In Hamilton County, sales soared 33%, to 734, in September. The median sales price rose 15.1%, to $331,500. The inventory of houses fell 60.8%, to 500.

– In Hendricks County, sales shot up 32.1%, to 325, and the median sales price increased 7.4%, to $249,900.

– In Johnson County, sales were up 24.2%, to 298, and the median sales price rose 7.4%, to $224,950.

– Sales in Boone County were up 9.6% last month, to 126. The median price of a house increased 4%, to $301,500.

– Hancock County sales rose 15.2%, to 159, and the median price jumped 20.3%, to $242,500.

– Sales were up 5.9% in Madison County, to 161. The median sales price increased 9%, to $138,400.

– Morgan County sales increased 18.8%, to 120, and the median sales price escalated 13%, to $213,250.

– Shelby County saw 52 closed home sales last month, up from 48 in September 2019. The median price rose 23.8%, to $167,750.

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