Sales of Indianapolis-area existing homes bounce back in August

Sales of existing homes in central Indiana bounced back in August after ending a year-long streak of increasing sales in July.

Meanwhile, inventories remain tight and prices continue to escalate.

Completed sales of single-family homes in the 16-county area rose from 3,754 in August 2020 to 3,796 last month—a year-over-year increase of 1.1%, according to the latest data from the MIBOR Realtor Association.

Sales were down 1.8% from July to August.

On a year-to-date basis, closed sales are up 6.6%, to 25,349, compared with 23,776 in the first eight months of 2020.

The median price for homes sold in the area last month rose 10.7%, to $252,500, compared with $228,000 in August 2020.

Homeowners in August, on average, got 101% of their asking prices, down from 101.6% in July.

The average number of days that homes spent on the market rose from 14 to 17.

The active inventory in August dropped 16.4% on a year-over-year basis, to 2,493 houses, and 1.1% from the previous month.

New listings were up 7.4% in August on a year-over-year basis, to 4,187, but fell 5.3% from the previous month.

Marion County

In Marion County—the most active market in central Indiana—closed sales in August rose 5.8%, to 1,441.

The median sales price in the county rose 15.4%, to $215,000. New listings increased 6.1%, to 1,640. The active inventory of available single-family homes sank 3.5%, to 1,145.

Other area counties

In Hamilton County, where inventory is extremely tight, sales dropped 11.3%, to 680, in August. The median sales price rose 9%, to $365,000. The inventory of houses fell 47.6%, to 273. Homes spent 16 days on the market, on average, in August and fetched 101.8% of their asking price.

In Hendricks County, sales rose 4.9%, to 319, and the median sales price increased 12.6%, to $281,500.

In Johnson County, sales fell 6.7%, to 293, and the median sales price rose 18.8%, to $285,000.

Sales rose 31.7% in Madison County last month, to 212. The median sales price increased 19.4%, to $169,500.

Hancock County sales were up 22.8%, to 178, and the median price rose 20.7%, to $288,520.

Sales in Boone County dropped 9.8% last month, to 129, while the median price of a home escalated 11.1%, to $350,000.

Morgan County sales decreased 8.7%, to 105, and the median sales price rose 9.8%, to $225,000.

Shelby County saw 54 closed home sales last month, down from 52 in August 2020. The median price rose 8.1%, to $167,500.

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