F.C. Tucker Company's Market Watch
F.C. TUCKER COMPANY’S MARKET WATCH
Central Indiana pended monthly home sales virtually unchanged September, year-to-date sales both on par with 2005’s record-setting numbers
INDIANAPOLIS – Pended home sales in the metro area showed only a slight decrease in September, compared with the same time last year. Only 42 fewer homes were pended in September 2006 versus September 2005 – a 1.7-percent decrease. Pended sales in 2006 continue to keep steady pace with the record-setting year in 2005, having declined an even 1 percent through the end of September.
“September was a strong month for central Indiana real estate,” said H. James Litten, president of F.C. Tucker’s Residential Real Estate Services Division. “Last year was the best year in Indianapolis real estate history, and this year we’re aligning closely with those figures – it’s very encouraging.”
Throughout the nine-county region, Boone County experienced the biggest monthly increase, jumping nearly 16 percent in September. Johnson and Madison Counties both were unchanged for the month, and Marion County increased 6.4 percent, with 1,260 homes pended in September 2006 compared with 1,184 during the same time period last year.
On the year, no one county stands out prominently. However, all areas are keeping up with 2005’s record year. Madison County leads the way on the year, with a 4.9-percent increase over last year. Hendricks County also posted a gain, with a modest 2.5-percent increase for 2006.
Pended single-family and condominium home sales
Inventory across central Indiana is showing signs of tempering. While still deemed a “buyers’ market,” active listings in September 2006 are up only 13.2 percent compared with the same time last year – a noticeable slide from the past few months.
Active listings, Sept. 2005 vs. Sept. 2006
Nationally, August 2006 pended home sales increased, jumping 4.3 percent from the previous month, but are down 14.1 percent from August 2005, according to the National Association of Realtors’ (NAR) Pending Home Sales Index, released Oct. 2. The NAR says the 4.3 percent increase is indicative of a stabilizing market. The August 2006 index in the Midwest was unchanged from the previous month, but is still down more than 20 percent from a year ago.
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Editor’s Note: All statistics were compiled by F.C. Tucker Company from a report drawn from MIBOR statistics on Oct. 9, 2006.