Sale prices of existing homes in central Indiana swelled in February, as demand increased while the supply of available homes dwindled.
The median price for homes sold in the 16-county area in February rose 18.9%, to $223,500, compared with $188,500 in February 2020, according to the latest data from the MIBOR Realtor Association.
The median sale price of $223,500 was an all-time high for February, said MIBOR CEO Shelley Specchio.
Completed sales jumped from 2,114 in February 2020 to 2,243 last month—an increase of 6.1%. The monthly sales increase was the eighth in a row.
The active inventory in February dropped a whopping 59.8%, to 1,577 houses, on a year-over-year basis. The average number of days that homes stayed on the market swooned 44.1%, from 59 days to 33.
New listings were down 24% on a year-over-year basis, from 2,865 in February 2020 to 2,178 last month.
In Marion County—the most active market in central Indiana—closed sales in February rose 6.7%, to 882.
The median sales price in the county rose 15%, to $184,000. New listings shrank 20% from 1,147 in February 2020 to 918 last month. The inventory of available single-family detached houses plummeted 46.7%, to 764.
Other area counties
In Hamilton County, sales rose 3.2%, to 417, in February. The median sales price rose 12.2%%, to $341,565. The inventory of houses fell 70.7%, to 228.
In Hendricks County, sales increased 18.5%, to 186, and the median sales price increased 9.3%, to $260,000.
In Johnson County, sales rose 16%, to 174, and the median sales price rose 28.9%, to $236,500.
Sales in Boone County were up 37% last month, to 74, while the median price of a home rose 32.8%, to $351,923.
Hancock County sales were down 23%, to 77, and the median price rose 12.2%, to $241,500.
Sales were up 7.8% in Madison County last month, to 111. The median sales price increased 28.9%, to $139,900.
Morgan County sales fell 4.5%, to 64, and the median sales price rose 18.5%, to $201,500.
Shelby County saw 26 closed home sales last month, down from 33 in February 2020. The median price rose 50.7%, to $204,950.