Client News
June pended homes down 30 percent in Central Indiana
Eight of nine counties see increase in housing prices
INDIANAPOLIS – While overall pended home sales remain lower on a month-to-month basis, year-to-date pended home sales numbers are still up 2.5 percent overall. More than 1,600 Central Indiana homes pended in June, 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, June home sales declined 30.1 percent with 1,681 homes pended compared to 2,404 in June 2009. Shelby County posted the only increase with a 19.4 percent upsurge. Year to date, home sales have increased 2.5 percent.
Tucker’s just-released data also indicates that eight of nine Central Indiana counties saw increases in average year-to-date home prices. Homes in Shelby County sold for an average of $93,737, a 20 percent increase over the same period last year. Also, Marion and Madison counties showed 15.3 percent and 9.3 percent increases, respectively. For the first half of the year, the average home sales price for the nine-county region was $147,319, which is 9.6 percent more than January to June of last year.
“As the Central Indiana real estate market continues to stabilize, we are encouraged to see home prices generally climbing, while still remaining affordable” said Jim Litten, president of F.C. Tucker Company. “Homes have been selling quicker than this time last year as well, down an average of 11 days.”
As homeowners readied their homes for the traditional summer home buying season, available homes for sale in the nine-county region rose 4.6 percent in June 2010 with 16,921 homes on the market, 737 more homes than in June 2009. Five counties experienced above average inventory declines. Shelby County experienced the greatest decrease in inventory at -2.8 percent, followed by Madison County at -0.7 percent.
“As interest rates remain historically low, we hope that consumer confidence will continue to grow,” said Litten.
On July 2, 2010, President Obama signed into law the “Homebuyers Assistance and Improvement Act of 2010,” which extends the date by which purchasers must have closed on a home to be eligible for the homebuyer tax credit. This affects up to 180,000 home buyers nationally who have ratified contracts in place as of April 30, 2010, but could not close before June 30.
# # #
All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on July 8, 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.