Client News
May pended homes down nearly 32 percent in Central Indiana
All nine counties see increase in housing prices
INDIANAPOLIS – More than 1,500 Central Indiana homes pended in May, with one Central Indiana county reporting an increase compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.
Overall, May home sales declined 31.5 percent with 1,545 homes pended compared to 2,257 in May 2009. Hancock County posted the only increase with a 4.9 percent upsurge. Year to date, home sales have increased 9.3 percent.
Tucker’s just-released data also indicates that all nine Central Indiana counties saw increases in average year-to-date home prices. Homes in Shelby County sold for an average of $91,883, a 27 percent increase over the same period last year. Also, Marion and Morgan counties showed 17.1 percent and 10.8 percent increases, respectively. The average year-to-date sales price for a home in the nine-county area was $144,301, which is 11 percent more than January to May of last year.
“After a robust April, we expected a slight drop in home sales in May due to the expiration of the federal first-time and move-up buyer tax credits,” said Jim Litten, president of F.C. Tucker Company. “As prices improve and housing inventory stabilizes, we anticipate a more balanced market.”
As homeowners readied their homes for the traditional spring and summer home buying season, available homes for sale in the nine-county region rose 3 percent in May 2010 with 16,278 homes on the market, 477 more homes than in May 2009. Five counties experienced above average inventory declines. Johnson County experienced the greatest decrease in inventory at -1.5 percent, followed by Madison County at -1.3 percent.
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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on June 7, 2010. 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.
With more than $2.2 billion in annual sales, F.C. Tucker Company is Indiana’s largest independently owned comprehensive real estate firm with 45 offices and more than 1,300 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.