Area existing-home sales tumble 8.7% as prices escalate

Sales of existing homes in central Indiana fell for the third time in four months in October amid skyrocketing prices and tight inventories.

Completed sales of single-family homes in the 16-county area sank from 3,775 in October 2020 to 3,448 last month—a year-over-year decrease of 8.7%, according to the latest data from the MIBOR Realtor Association.

Sales were down 7% from September to October.

Central Indiana had seen a 12 months of rising sales on a year-over-year basis before that streak ended in July. Sales rebounded in August before falling the last two months.

On a year-to-date basis, closed sales are up 4.2%, to 32,598, compared with 31,285 in the first 10 months of 2020.

The median price for homes sold in the area last month was up 14.9%, to $255,000, compared with $222,000 in October 2020.

Area homeowners in October, on average, got 100.4% of their asking prices, up from 98.8% in October 2020.

The average number of days that homes spent on the market fell from 25 to 19 compared to a year ago.

The active inventory in October dropped 18.7% on a year-over-year basis, to 2,682 houses.

New listings were down 0.1% in October on a year-over-year basis, to 3,807, and dropped 2.6% from the previous month.

Marion County

In Marion County—the most active market in central Indiana—closed sales in October fell 7.3% on a year-over-year basis, to 1,303.

The median sales price in the county rose 17.6%, to $220,000. New listings fell 2.6%, to 1,526. The active inventory of available single-family homes sank 18.5%, to 1,171.

Other area counties

In Hamilton County, where inventory remains extremely tight, sales dropped a whopping 18.3%, to 608, in October.

The median sales price in the county rose 11.4%, to $379,948. The inventory of houses fell 54%, to just 233. Homes spent 15 days on the market, on average, and fetched 101.7% of their asking price.

In Hendricks County, sales fell 6%, to 298, and the median sales price increased 10.2%, to $275,500.

In Johnson County, sales fell 11.6%, to 259, and the median sales price rose 18%, to $272,000.

Sales rose 1.6% in Madison County last month, to 191. The median sales price increased 3.1%, to $158,000.

Hancock County sales were down 0.6%, to 155, and the median price rose 21.1%, to $286,000.

Sales in Boone County rose 7.5% last month, to 115, while the median price of a home escalated 9.2%, to $338,000.

Morgan County sales slid 19.5%, to 91, and the median sales price jumped 33.3%, to $260,000.

Shelby County saw 59 closed home sales last month, up from 58 in October 2020. The median price remained flat, at $175,000.