Sales of existing homes still slumping in central Indiana

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Sales of existing homes continued to slump in central Indiana in February, but the market showed some improvement over a dismal January.

Closed sales in the 16-county area sank from 2,309 in February 2022 to 1,850 in February 2023, a decline of 19.9%, according to the latest monthly data from the MIBOR Realtor Association. That was better than 31% year-over-year decline seen in January.

Sales have fallen on a year-over-year basis for the past 13 months and have seen double-digit percentage decreases for eight straight months.

Despite the decline, median prices for homes sold in the area in February rose 9.1% on a year-over-year basis, from $252,000 to $275,000.

The active inventory of homes was up 80%, from 1,600 in February 2022 to 2,883 in February 2023, but that number was down 19% from January.

There were 2,202 new listings in February, up 7.6% from the previous month but down 13.3% from the same month a year ago.

Homes are spending much more time on the market than a year ago, from 24 in February 2022 to 53 last month. On average, sellers received 97.5% of asking price last month, down from 100.1% a year ago.

Marion County

In Marion County—the most active market in central Indiana—closed sales in February fell 23.1% from the previous year, to 719.

The median sales price in the county rose 1.8% from a year ago, to $230,000.

Other area counties

In Hamilton County, sales ticked up 0.6% in February on a year-over-year basis, to 346. The median sales price in the county rose 3.9%, to $415,000.

In Hendricks County, sales were down 27.3%, to 128, and the median sales price increased 8.6%, to $323,000.

In Johnson County, sales decreased 17.2%, to 120, and the median sales price rose 8%, to $299,950.

Sales fell 24.2% in Madison County, to 113. The median sales price rose 12.2%, to $170,000.

Hancock County sales jumped 9.5% in February, to 115. The median price for a home rose 10.7%, to $320,00.

Sales in Boone County dropped 22.5%, to 55, while the median price of a home rose 6.8%, to $374,990.

Morgan County sales decreased 18.9%, to 60, and the median sales price climbed 20.2%, to $252,500.

Shelby County saw an 32.6% drop in closed sales, to 29. The median price rose 5.4%, to $195,000.

Statewide numbers

The Indiana Association of Realtors reported a 15% drop in sales of existing homes statewide, from 5,753 in February 2022 to 4,895 in February 2023. The median sales price rose 5%, to $230,000.

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