INDIANAPOLIS – The year finished on a high note, with 2015 showing an 8 percent increase in pended home sales over 2014, according to F.C. Tucker Company statistics of the nine-county central Indiana region. More than 31,000 homes sold in 2015, up from approximately 29,000 last year. The average selling price of a home also rose each month of the year as available inventory declined during 11 months of 2015.
In December 2015, the region had 1,645 pended home sales, which was up slightly from the 1,636 sales in December 2014. Johnson County saw the largest increase in pended home sales, raising the number of sales to 152, or 12.6 percent, from 135 in December 2014. Shelby County had a 10 percent increase of pended sales, while both Morgan and Hancock counties also experienced a 5.6 percent upturn over December 2014. Home sales in Boone, Hamilton and Madison were off by fewer than five homes per county during the same time period, while Hendricks County’s pended sales dipped 21.1 percent.
Available homes for sale in the nine-county region dropped by nearly 800, or 8.7 percent, in December 2015 compared to December 2014. Eight central Indiana counties experienced varying inventory declines, and Hancock County had the greatest decrease at 13.2 percent. Shelby County grew by 7.6 percent, or a gain of 15 homes compared to December 2014.
“2015 was marked by modest growth, but the nine-county central Indiana region has performed as well, and in some respects, better than the national trends in home sales,” said Jim Litten, president of F.C. Tucker Company. “We expect 2016 to emulate last year, as interest rates and affordability affect the industry. However, we’re optimistic that homeownership is still appealing to the majority of millennials, as reported by the National Association of Realtors, which indicates 94 percent of current renters younger than 35 want to buy a home.”
Overall, sales prices for the nine-county central Indiana area increased by 4.4 percent. Tucker’s data indicates all counties, except Boone, experienced slightly higher home sales prices than in December 2014. Year-to-date, Madison and Hancock led the way with 9.3 and 7.8 percent increases in home sales prices, respectively. The average year-to-date sales price for a home in the nine-county area was $184,690.
Of the pended home sales in the region last month, one was priced above $2,000,000; three were priced $1,000,000 to $1,999,999; 65 were priced $500,000 to $999,999; 175 were priced $300,000 to $499,999; 207 were priced $200,000 to $299,999; 694 were priced $100,000 to $199,999 and 500 were priced at $99,999 or less.
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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on Jan. 7, 2016. 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.