Area home sales rise despite higher prices, fewer choices

Existing-home sales in central Indiana rose 6.3 percent in November while prices continued to rise and inventories continued to shrink.

In the 15-county area, closed home sales rose from 2,649 in November 2016 to 2,817 last month, according to data released Tuesday by the MIBOR Realtor Association. Area home sales have risen on a year-over-year basis in 22 of the last 25 months.

The total number of active home listings in the region were down an eye-popping 18.9 percent at the end of November, from 10,242 a year ago to 8,311 at the end of last month. New listings were down 5.5 percent, to 2,593.

The average area home sale price during the year-over-year period increased 4.5 percent, to $200,658. The median price rose 8.5 percent, to $164,900.

Pending sales in the area were up 12 percent in November, to 2,378.

“As we neared the end of 2017, I was pleased to see the consistent increase in closed sales, but inventory remains very tight and demand is high,” said MIBOR CEO Shelley Specchio in written comments. “As a result, competition for available listings is strong, and that is something we anticipate to continue as we begin the new year.”

Statewide, there was a 4 percent increase in closed sales in November compared with the same month of 2016, the Indiana Association of Realtors said, and the average price of a home rose 7.1 percent, to $175,735. A total of 6,779 homes were sold in Indiana during the month.

The statewide inventory of homes dropped 12 percent, to 26,905 units. New listings decreased 3.4 percent, to 6,709.

County breakdown

In Marion County—typically the most active market in central Indiana—closed sales rose 11.8 percent in November, to 1,139.

The average sales price in the county rose 6.9 percent, to $170,437. New listings were down 3.3 percent, to 1,054.

The inventory of single-family detached houses was down nearly 22 percent, to 2,808. The townhouse-condo inventory fell 21.3 percent, to 347 units.

In Hamilton County, sales were down 1.3 percent, to 523. The average sales price rose 1.1 percent, to $295,598.

In Hendricks County, sales dropped 8.6 percent, to 203, while the average sales price increased 2.3 percent, to $207,993.

In Johnson County, sales increased 24.6 percent, to 248, while the average sales price fell 13.7 percent, to $200,209.

Madison County sales dropped 19.7 percent, to 126, and the average sales price rose 13.2 percent, to $121,721.

Boone County saw an 11.8 percent increase in sales, to 96, and the average price rose 9.4 percent, to $293,857.

Sales in Hancock County were flat, at 103 houses, and the average price jumped 16.7 percent, to $198,473.

Morgan County sales rose 25.7 percent, to 93. The average price increased 1.7 percent, to $175,746.

Shelby County sales were up 32.3 percent, to 41, and the average price rose 5.9 percent, to $135,060.