Sales prices continue to grow while pended sales decline for the first time in two years
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company indicate that the housing market is taking a slight dip. February 2018 pended sales decreased 0.7 percent compared to February 2017 while the average year-to-date home price for the 15-county Central Indiana region increased 5.3 percent to $193,890.
As the number of homes for sale continues to dwindle, fewer buyers purchased homes for the first time in two years. Pended sales went from 2,497 Central Indiana homes purchased in February 2017 to 2,480 in February 2018, a small decrease of 17 homes. Specifically:
Despite fewer pended sales, on average homes sold much faster and for more money in February, signaling that it’s still a seller’s market.
Listings continue to drop, hitting a decrease of 22.9 percent. In February 2018, inventory stood at 5,779 homes, a decrease of 1,721 compared to 7,500 homes in February 2017.
“The continued decrease of listings hinted at an eventual decrease in pended sales in Central Indiana,” said Jim Litten, CEO of F.C. Tucker Company. “The National Association of REALTORS® reports pending home sales are decreasing around the country, but home sales should bounce back thanks to job and wage growth.”
Of the pended home sales in the region last month, one was priced $2,000,000 or higher; 17 were priced $1,000,000 to $1,999,999; 97 were priced $500,000 to $999,999; 314 were priced $300,000 to $499,999; 525 were priced $200,000 to $299,999; 1,047 were priced $100,000 to $199,999; and 479 were priced at $99,999 or less.