Sales of existing homes held steady in central Indiana in February despite escalating prices and rising mortgage rates.
Completed sales of single-family homes in the 16-county area ticked down from 2,283 in February 2021 to 2,270 last month—a year-over-year decrease of only 0.6%, according to the latest data from the MIBOR Realtor Association.
On a year-to-date basis, closed sales are up 2.4%, to 4,468, compared with 4,366 in the first two months of 2021.
Sales have been on the downturn in typical residential hotbeds Hamilton, Hendricks and Boone counties, but have been on the rise in Madison, Hancock and Morgan.
The median price for homes sold in the area last month was up 13.6%, to $253,245, compared with $223,000 in February 2021.
Area homeowners in February, on average, got 100.1% of their asking prices, up from 98.9% in February 2021.
The average number of days that homes spent on the market fell from 32 to 24 compared with a year ago.
The active inventory in February dropped 6.3% on a year-over-year basis, to 1,506 houses. The inventory fell 12.6% from the previous month.
New listings were up 8% in February on a year-over-year basis, to 2,458, but were down 2.3% from the previous month.
Shelley Specchio, MIBOR CEO. “With inventory at a record low before the start of the spring selling season, we can expect the market to be challenging for buyers for these next few months.
In Marion County—the most active market in central Indiana—closed sales in February rose 2,9% on a year-over-year basis, to 923.
The median sales price in the county rose 24.7%, to $227,000. New listings increased 4.4%, to 980. The active inventory of available single-family homes sank 26.7%, to 557.
Other area counties
In Hamilton County, where inventory remains extremely tight, sales plummeted 20.2%, to 340, in February.
The median sales price in the county rose 17.1%, to $400,000. The inventory of houses fell 59.5%, to just 102. Homes spent 14 days on the market, on average, and fetched 102.7% of their asking price.
In Hendricks County, sales fell 10.5%, to 171, and the median sales price increased 15.4%, to $300,000.
In Johnson County, sales dropped 18.1%, to 145, and the median sales price rose 17.2%, to $277,750.
Sales rose 30.7% in Madison County last month, to 149. The median sales price increased 8.9%, to $151,500.
Hancock County sales were up 29.5%, to 101, and the median price rose 19.1%, to $289,000.
Sales in Boone County dropped 9.1% last month, to 70, while the median price of a home ticked up 0.6%, to $350,988.
Morgan County sales escalated 12.7%, to 71, and the median sales price increased 5%, to $210,000.
Shelby County saw 42 closed home sales last month, up from 26 in February 2021. The median price dipped 11%, to $182,500.