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Sales of existing single-family homes plunged 23.3% in central Indiana in May amid rising prices and shrinking inventory during the pandemic.
Completed sales in the 16-county area fell from 3,522 in May 2019 to 2,703 last month, according to the latest data from the MIBOR Realtor Association.
May’s sales decline came on top of a 16.8% year-over-year decrease in April. Area sales had been on the rise in six of the previous seven months.
On a year-to-date basis, area sales are down 5.7%, to 12,212, compared with sales of 12,951 through the first five months of 2019.
The median home price in the area reached a record $215,000, up 9.2% from a year ago and 2.4% from the previous month. Median prices have hit all-time highs in three straight months.
The active inventory in May sank 34.7%, to 3,563 houses. New listings were down 21.2% on a year-over-year basis, to 3,744, but up 32.7% from the previous month.
Pending sales in May were up 9.7% from a year ago, to 4,054—a positive sign for June sales.
“Despite our current atmosphere, these numbers indicate that many are still eager to buy and our Realtors are ready and willing to help,” MIBOR CEO Shelley Specchio said in written remarks.
Marion County
In Marion County—the most active market in central Indiana—closed sales in May mirrored those in the overall market, sinking 23.3%, to 1,031.
The median sales price in the county spiked 8.5%, to $181,000. New listings decreased 20.1%, to 1,387. The inventory of available single-family detached houses in Marion County fell 27.9%, to 1,279.
Other area counties
– In Hamilton County, sales dropped 23.5%, to 531, in May. The median sales price rose 5.9%, to $316,000. The inventory of houses fell 36.9%, to 800.
– In Hendricks County, sales sank 13.9%, to 229, and the median sales price increased 4.6%, to $238,500.
– In Johnson County, sales decreased 23.7%, to 213, and the median sales price rose 4.5%, to $210,000.
– Sales in Boone County dropped 3.9% last month, to 123, while the median price of a house jumped 14.4%, to $337,331.
– Hancock County sales slid 41.2%, to 97, and the median price rose 9.1%, to $215,000.
– Sales were down 20.9% in Madison County, to 121. The median sales price increased 1.2%, to $127,500.
– Morgan County sales fell 20.6%, to 85, last month, and the median sales price rose 11.2%, to $200,000.
– Shelby County saw 45 closed home sales last month, down from 57 in May 2019. The median price jumped 15.3%, to $144,000.
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