Home sales in some areas of Central Indiana on the rise

Home sales in Central Indiana are starting to improve in some areas of Central Indiana as the spring home-buying season begins. According to pended sales statistics compiled by F.C. Tucker Company, nearly 2,300 Central Indiana homes pended in March, with five of the nine counties reporting significant increases compared to the same time last year.

Madison County posted the highest pended home sales increase over March 2008 with 33.6 percent, followed by Boone County with 30.5 percent. Other counties showing a rise in sales included Johnson County (14.6 percent), Hancock County (11.7 percent) and Hendricks County (9.9 percent).

"We hope the encouraging March numbers in select areas of central Indiana are an indication the local housing market is gaining momentum, and will continue to improve throughout the year," said H. James Litten, president of F.C. Tucker Company's Residential Real Estate Services Division. "We are seeing more prospective home buyers, especially in the first-time buyer category, come off the sidelines and take a look at the inventory available. We are pleased to see overall Central Indiana inventory declining significantly, a 15.6 percent decrease over last year at this time. Less inventory and increased demand brings better balance and more consumer confidence to the market."

To date, 5,466 homes have pended in 2009, 14.1 percent less than the same time in 2008. The average sales price is down 12.4 percent from March 2008, decreasing from $140,878 to $123,461.

Available homes for sale in the nine-county region dropped 15.6 percent in March 2009 with 15,562 homes on the market, 2,881 fewer homes than in March 2008. Four counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 21.4 percent, followed by Hendricks County with 19.3 percent, then Madison County and Shelby County with 18.7 percent and 17.6 percent, respectively