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.
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.