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Sales of existing homes were back on the rise in central Indiana in November, ending a two-month streak of declining purchases despite rising prices and tight inventories.
Completed sales of single-family homes in the 16-county area rose from 3,253 in November 2020 to 3,421 last month—a year-over-year increase of 5.2%, according to the latest data from the MIBOR Realtor Association.
Central Indiana had seen 12 months of rising sales on a year-over-year basis before a decrease in July. Sales rebounded in August before falling in September and October.
On a year-to-date basis, closed sales are up 4.5%, to 36,087, compared with 34,539 in the first 11 months of 2020.
The median price for homes sold in the area last month was up 12.1%, to $251,000, compared with $224,000 in November 2020.
Area homeowners in November, on average, got 100% of their asking prices, up from 98.6% in November 2020.
The average number of days that homes spent on the market fell from 30 to 21 compared with a year ago.
The active inventory in November dropped 16.8% on a year-over-year basis, to 2,412 houses.
New listings were up 10.2% in November on a year-over-year basis, to 3,050, but were down 20.6% from the previous month.
Marion County
In Marion County—the most active market in central Indiana—closed sales in November jumped 10.1% on a year-over-year basis, to 1,391.
The median sales price in the county rose 13.8%, to $215,000. New listings increased 7.5%, to 1,259. The active inventory of available single-family homes sank 21.5%, to 1,035.
Other area counties
In Hamilton County, where inventory remains extremely tight, sales increased 2%, to 610, in November.
The median sales price in the county rose 10.9%, to $377,190. The inventory of houses fell 58%, to just 178. Homes spent 16 days on the market, on average, and fetched 101.2% of their asking price.
In Hendricks County, sales fell 5%, to 246, and the median sales price increased 18.5%, to $310,000.
In Johnson County, sales ticked up 0.4%, to 250, and the median sales price rose 27.5%, to $288,000.
Sales rose 16.5% in Madison County last month, to 162. The median sales price increased 16%, to $159,950.
Hancock County sales were down 8.4%, to 141, and the median price rose 17.8%, to $275,000.
Sales in Boone County dropped 9.8% last month, to 110, while the median price of a home slipped 7.2%, to $308,000.
Morgan County sales escalated 15.6%, to 111, and the median sales price jumped 17.8%, to $250,000.
Shelby County saw 49 closed home sales last month, up from 63 in November 2020. The median price increased 16.2%, at $183,000.
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