Housing market continues to tighten as inventory shrinks Housing prices increase 15%, inventory decreases 47% in November
INDIANAPOLIS – Monthly real estate stats from F.C. Tucker Company revealed yet another 47 percent decrease in central Indiana housing inventory compared to this time last year – for the second month in a row – leaving home buyers in an extremely competitive seller’s market that has resulted in increased sale prices and, in some cases, bidding wars.
The average November home sale price for the 16-county central Indiana region was $259,360, an increase of 15 percent.
The year-to-date average home sale price increased by 11.7 percent, to $251,317, rising even further than last month’s 11.3 percent price increase.
Available housing inventory dropped 47 percent compared to November 2019.
Pended home sales increased 21.7 percent compared to this time last year.
In November 2020, 3,253 central Indiana homes were purchased, up 21.7 percent from the 2,674 sold in November 2019. Specifically:
Shelby County showed the greatest increase in the number of homes sold with 79.3 percent growth, compared to November 2019.
Decatur County pended sales, however, had the greatest decrease with 3.3 percent fewer homes sold in November 2020 compared to November 2019.
Year-to-date home sale prices continued their upward climb:
Brown County recorded the highest average year-to-date home sale price increase at 21.9 percent compared to November 2019.
Hamilton County, once again, had the highest average year-to-date home sale price in the region at $369,694.
Homes sold in 32 days on average, 13.5 percent faster than year-to-date 2019. Decatur County and Jennings County homes left the market 14 days faster than this time last year - the greatest decrease of the 16-county central Indiana area.
Central Indiana experienced a 47 percent decrease in home inventory in November 2020. That represents 2,833 fewer homes available for sale than in November 2019. Every county saw home inventory decreases of 27.3 percent or higher, and half of the 16-county area saw inventory decreases higher than 50 percent.
Shelby County had the lowest inventory decrease – 27.3 percent – compared to November 2019.
Brown County inventory decreased the most significantly in central Indiana – 72.9 percent – compared to this time last year.
“We typically see the real estate market soften following a federal and state election, but central Indiana’s residential real estate market showed no signs of slowing down in November,” said Jim Litten, CEO of F.C. Tucker Company. “Given the continued sizable decrease in housing inventory, I anticipate the residential real estate market to finish 2020 on a high note.”
Of the pended home sales in the region last month, 4 were priced $2,000,000 or higher; 23 were priced $1,000,000 to $1,999,999; 177 were priced $500,000 to $999,999; 598 were priced $300,000 to $499,999; 976 were priced $200,000 to $299,999; 1,135 were priced $100,000 to $199,999; and 340 were priced at $99,999 or less.
All statistics were compiled by F.C. Tucker Company from a report drawn from BLC® statistics on December 8, 2020. Because of delayed processing through other agencies or boards, these numbers are subject to change.
Effective April 7, 2019, data from MIBORonly 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 $4 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.