Indianapolis Market Watch for May 2009

2009 Two Central Indiana counties report increased sales in May

Available inventory in the nine-county region continues to drop

INDIANAPOLIS – More than 2,200 Central Indiana homes pended in May, with two counties reporting increases compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company. Boone County posted a 32.4 percent increase, and Madison County sales rose 2.5 percent.

May pended home sales in the nine-county area were down 11 percent with 2,227 homes pending compared to 2,501 in May 2008. Year to date, overall pended home sales are down 12.8 percent compared to the same time frame in 2008.

Available homes for sale in the nine-county region dropped 18 percent in May 2009 with 15,801 homes on the market, 3,458 fewer homes than in May 2008. Four counties experienced above average inventory declines. Marion County experienced the greatest decrease in inventory at 23.7 percent, followed by Madison County with 19.2 percent and Hancock and Hendricks counties with 18.3 and 18.2 percent, respectively.

“Home inventory levels have consistently dropped over the past 12 months, and we’re nearing a balanced, six-month inventory level,” said John Snavley, Senior Vice President of F.C.Tucker Company. “At current pricing levels, with new homebuyer incentives and low mortgages rates, this is an excellent time to buy a home in Central Indiana.”

Even national pundits are stressing that in today’s real estate market, now is the time to buy. Recently, CNBC Mad Money host Jim Cramer commented on the nation’s state of th eeconomy and real estate market, saying “I think that real estate is a once-in-a-lifetime opportunity… mortgage rates are the lowest in my life, affordability is the best in my life. Clearly, real estate is much better than stocks right now.”

Active Listings -Inventory

Pended single-family and condominium home sales

Active Listings over Time

Average Sale Price