Sales of Indianapolis-area existing homes see September decline

Sales of existing homes in central Indiana declined for the second time in three months in September as prices continued to escalate and inventories remained low.

Completed sales of single-family homes in the 16-county area dipped from 3,734 in September 2020 to 3,645 last month—a year-over-year decrease of 2.4%, according to the latest data from the MIBOR Realtor Association.

Sales were down 5.7% from August to September.

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 last month’s decline.

On a year-to-date basis, closed sales are up 5.7%, to 29,073, compared with 27,510 in the first nine months of 2020.

The median price for homes sold in the area last month rose 12.9%, to $254,062, compared with $225,000 in September 2020.

Homeowners in September, on average, got 100.5% of their asking prices, down from 101.1% in August.

The average number of days that homes spent on the market rose from 16 to 19.

The active inventory in September dropped 17.4% on a year-over-year basis, to 2,646 houses, but it did rise 5.4% from the previous month.

New listings were down 7.6% in September on a year-over-year basis, to 3,872 and sank 8.2% from the previous month.

Marion County

In Marion County—the most active market in central Indiana—closed sales in September rose 2.3% on a year-over-year basis, to 1,377.

The median sales price in the county rose 17.6%, to $220,000. New listings fell 3.9%, to 1,586. The active inventory of available single-family homes sank 11.8%, to 1,185.

Other area counties

In Hamilton County, where inventory remains extremely tight, sales dropped 10%, to 681, in September.

The median sales price in the county rose 10.2%, to $363,500. The inventory of houses fell 49.2%, to just 258. Homes spent 17 days on the market, on average, and fetched 102% of their asking price.

In Hendricks County, sales fell 14.7%, to 284, and the median sales price increased 12%, to $279,950.

In Johnson County, sales fell 6.6%, to 282, and the median sales price rose 21.7%, to $273,750.

Sales rose 22.1% in Madison County last month, to 199. The median sales price increased 13.2%, to $158,500.

Hancock County sales were down 8.5%, to 150, and the median price rose 8.3%, to $259,995.

Sales in Boone County rose 12.5% last month, to 144, while the median price of a home escalated 16.4%, to $350,813.

Morgan County sales increased 9.9%, to 133, and the median sales price rose 9.3%, to $234,000.

Shelby County saw 60 closed home sales last month, down from 52 in September 2020. The median price rose 4.3%, to $75,000.

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