Central Indiana residential real estate market steadily ramps up to start the new year
January housing prices continue to climb in the wake of low inventory
INDIANAPOLIS – The residential real estate market in central Indiana had a strong start to the new year with continued rising home prices and low inventory. Monthly real estate statistics from F.C. Tucker Company revealed that home sales increased 3 percent compared to January 2020, while available housing inventory decreased 53.5 percent.
The average January 2021 home sale price for the 16-county central Indiana region was $247,551, an increase of 13.6 percent.
Available housing inventory dropped 53.5 percent compared to January 2020.
Pended home sales increased 3 percent compared to this time last year.
In January 2021, 3,092 central Indiana homes were purchased, up 3 percent from the 3,001 sold in January 2020. Specifically:
Putnam County showed the greatest increase in the number of homes sold with 37.8 percent growth, compared to January 2020.
Decatur County pended sales, however, had the greatest decrease with 14.8 percent fewer homes sold in January 2021 compared to this time last year.
Home sale prices continued their upward climb in January 2021:
Jennings County recorded the highest average home sale price increase at 94 percent, compared to January 2020.
Hamilton County had the highest average home sale price in the region at $387,545.
Homes sold in 28 days on average, 41.7 percent faster than in 2020. Putnam County homes left the market 86 days faster than this time last year - the greatest decrease of the 16-county central Indiana area.
Central Indiana experienced a 53.5 percent decrease in home inventory in January 2021. That represents 2,487 fewer homes available for sale than in January 2020. Every county saw home inventory decreases of 28.6 percent or higher, and 12 of the 16 counties saw inventory decreases of 50.9 percent or higher.
Jennings County had the lowest inventory decrease – 28.6 percent – compared to January 2020.
Brown County inventory decreased the most significantly in central Indiana – 76.1 percent – compared to this time last year.
“The 2021 housing market is steadily ramping up as is typical in January,” said Jim Litten, CEO of F.C. Tucker Company. “With 2020 being such an unusual year, month by month comparisons will look a little different than they have in the past. However, I think when we look quarter by quarter we'll see increasing consumer confidence and an active seller’s market.” Of the pended home sales in the region last month, 3 were priced $2,000,000 or higher; 13 were priced $1,000,000 to $1,999,999; 180 were priced $500,000 to $999,999; 622 were priced $300,000 to $499,999; 856 were priced $200,000 to $299,999; 1,081 were priced $100,000 to $199,999; and 337 were priced at $99,999 or less.
All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on February 5, 2021. Because of delayed processing through other agencies or boards, these numbers are subject to change.
Effective April 7, 2019, data from MIBOR only reports on single family homes and excludes condo sales. F.C. Tucker will continue to include condo sales in this report.
“Pending” means the sales contract has been signed, but the transaction has not closed. According to the NAR, pending sales typically are finalized within a month or two of signing.
“Active Listings – Inventory” is a snapshot frozen in time at the end of the stated month. Per MIBOR, effective April 1, 2018, “Active with Contingency” no longer is a status in the BLC® listing service in order to present a true picture in advertising and marketing. Those listings that were in the "Active with Contingency" status have been moved from the "Active" status to the "Pending" status.
For this report, F.C. Tucker tracks the following counties: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby. The first report tracking Jackson County data was pulled August 7, 2019.
PENDED SINGLE-FAMILY AND CONDOMINIUM SALES
ACTIVE LISTINGS – INVENTORY
AVERAGE SALE PRICE
With more than $5 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with more than 40 offices and more than 1,500 sales associates throughout Indiana and select markets in Kentucky. Less than one percent of all real estate firms have the longevity of F.C. Tucker. Founded in 1918, the company’s family of businesses includes a full range of real estate services—mortgages, title insurance, relocation services, a full line of insurance products, auctioning and homeowner warranty products. F.C. Tucker has earned a reputation for its exceptional service, experienced sales associates and “Golden Rule” commitment to its clients and employees. For more information, visit talktotucker.com.
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