Home sales, price increases in central Indiana continue torrid pace

Sales of existing single-family homes kept up a torrid pace in central Indiana in November, despite rapidly rising prices and a shrinking inventory.

Completed sales in the 16-county area increased 20.6% in November on a year-over-year basis, according to the latest data from the MIBOR Realtor Association. Buyers closed on 3,191 homes during the month, compared with 2,647 in November 2019.

The monthly sales increase was the fifth in a row after a three-month streak of declining sales in the market brought on by the pandemic. Area sales had been on the rise in six of the previous seven months before April.

On a year-to-date basis, area sales are up 5%, to 34,418, compared with sales of 32,790 through the first 11 months of 2019.

The median home price in the area reached $224,900 in November, up a whopping 19.6% from a year ago when the median price was $188,000.

Available homes remained scarce. The active inventory in November plummeted 50% on a year-over-year basis, to 2,870 houses. New listings were up 8.4%, to 2,707.

Pending sales in November were up 28.9% from a year ago, to 3,057.

MIBOR CEO Shelley Specchio said the year-over-year price gain of 19.6% was an all-time high level of appreciation for the area.

Marion County

In Marion County—the most active market in central Indiana—closed sales in November spiked 23.3%, to 1,234.

The median sales price in the county rose 18.1%, to $189,000. New listings rose 13.1%, to 1,155. The inventory of available single-family homes in Marion County fell 39.3%, to 1,307.

Other area counties

– In Hamilton County, sales soared 23.5%, to 588, in November. The median sales price rose 13.1%, to $339,250. The inventory of houses fell 63.9%, to 413.

– In Hendricks County, sales ticked up 1.2%, to 251, and the median sales price increased 16.7%, to $262,000.

– In Johnson County, sales were up 21.2%, to 246, and the median sales price rose 13%, to $225,900.

– Sales in Boone County escalated 43.5% last month, to 122. The median price of a house increased 13.5%, to $332,017.

– Hancock County sales rose an eye-popping 56.3%, to 150, and the median price increased 4.3%, to $233,450.

– Sales dropped 18.9% in Madison County, to 137. The median sales price increased 13.5%, to $137,900.

– Morgan County sales increased 2.2%, to 94, and the median sales price rose 17.1%, to $212,285.

– Shelby County saw 63 closed home sales last month, up from 32 in November 2019. The median price rose 14.5%, to $157,500.