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Sales of existing homes in central Indiana decreased for the 26th straight month on a year-over-year basis in March amid higher prices and despite rising inventory.
Closed existing-home sales in the 16-county area dropped from 2,684 in March 2023 to 2,415 in March 2024, a decline of 10%, according to the latest data from the MIBOR Realtor Association.
The median sale price for a home in the area rose 6.5%, to $293,000, in March.
The active inventory of homes rose from 2,859 in March 2023 to 3,215 last month, a 12.5% increase.
There were 2,978 new listings in March, up 20.2% from the previous month but down 1.8% from the same month in 2023.
On average, sellers received 98.2% of their asking price last month, up from 98.1% a year ago. Homes spent an average of 43 days on the market before being sold, down from 44 days in March 2023.
“The spring selling season is beginning to warm up as we see both sellers and buyers make their way back to the market,” MIBOR CEO Shelley Specchio said in written comments. “Inventory remains tight, but new listings meaningfully from last month.”
Marion County
In Marion County, closed sales in March were down 10% from a year ago, to 942. The median sales price in the county rose 6.1% from a year ago, to $247,500.
Other area counties
In Hamilton County, sales plummeted 15.3%, to 404. The median sales price in the county fell 3.9%, to $425,750.
In Hendricks County, sales jumped 9.8%, to 212, and the median sales price increased 9.7%, to $340,000.
In Johnson County, sales fell 18%, to 212, and the median sales price increased 6%, to $318,000.
Sales dropped 9.7% in Madison County, to 98. The median sales price was down 7.9%, to $206,000.
Sales in Boone County were up 24.1%, to 98, while the median price dropped 0.4%, to $355,498.
Hancock County sales dropped 25.2%, to 95. The median price increased 4.7%, to $305,000.
Morgan County sales fell 21.8% to 68, and the median sales price rose 16.7%, to $286,000.
Shelby County saw a 12.5% decrease in closed sales, to 35. The median price rose 5.5%, to $240,000.
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You didn’t think that those inflated prices would hold, did you?
Where’s your reading comprehension? The number of transactions are down 10%. Prices are up 6.5%
They did hold Leonard, well technically they increased, even more.