Pended single-family and condominium home sales
|
County |
November 07 |
November 08 |
% Change |
Year-to-date % Change |
|
Boone |
61 |
40 |
-34.4% |
-15.3% |
|
Hamilton |
288 |
240 |
-16.7% |
-11.8% |
|
Hancock |
76 |
57 |
-25.0% |
-16.4% |
|
Hendricks |
136 |
124 |
-8.8% |
-6.9% |
|
Johnson |
140 |
96 |
-31.4% |
-13.0% |
|
Madison |
109 |
86 |
-21.1% |
-15.3% |
|
Marion |
827 |
734 |
-11.2% |
-10.8% |
|
Morgan |
66 |
46 |
-30.3% |
-11.1% |
|
Shelby |
34 |
27 |
-20.6% |
-9.0% |
|
TOTAL |
1,737 |
1,450 |
-16.5% |
-11.4% |
Editor's Note: All statistics were compiled by F.C. Tucker Company from a report drawn from Propertylinx statistics on December 8, 2008. Pending means the sales contract has been signed, but the transaction has not closed. According to the National Association of Realtors, pending sales typically are finalized within a month or two of signing.
January 9, 2009. Chris Castetter, F.C. Tucker market analysis shows reductions in available housing inventory in 2008; Predicts slight Central Indiana real estate market improvement in 2009.
Hendricks County/ INDIANAPOLIS - Month after month, Central Indiana housing inventory steadily declined during 2008, with November showing a 13 percent drop, or 2,513 fewer homes on the market, compared to the same time last year, according to active listings statistics compiled December 8 by F.C. Tucker Company. Of the nine counties Tucker tracks, Hendricks County showed the largest decrease in inventory at -19.6 percent.
"As the number of homes available reaches a six-month supply in 2009, we will finally see a supply/demand correction of the local housing market," said H. James Litten, president of F.C. Tucker Company's Residential Real Estate Services Division. "Our current inventory is less than eight months, so the opportunity for central Indiana real estate to rebound gets closer and closer. Today, it remains a buyers' market, and with low interest rates, more and more buyers are seriously looking."
Tucker estimates that nearly 25,000 homes will be pended in the nine-county region by year-end. The average year-to-date sales price remained off 5 percent for the year; in November, the average price for a home was $145,014. Tucker estimates that the 5 percent decrease in the average sales price will track through December. Litten said, "Central Indiana's housing affordability index, according to the National Association of Home Builders, is one of the best in the nation, and our affordability bodes well for an earlier recovery than some areas of the country."
Of the nine counties, Hendricks County showed the least decline in homes pended in November, with 6.9 percent fewer homes pended compared to the same time last year. Hancock County showed the highest decline in November with 16.4 percent fewer homes pended compared to the same time last year. For this year, home sales are down 11 percent.
"As we reflect on 2008 and the challenges facing our nation, and the Central Indiana real estate market in particular, we can take comfort knowing that economic downturns don't last forever," added Litten. "I believe efforts to reform the nation's lending practices will strengthen consumer confidence in 2009. Moreover, Central Indiana continues to have a strong economic base of business activity and one of the steadiest real estate markets in the nation. I am optimistic that we'll see improvement in 2009."
In the coming year, Castetter predicts the following changes in the local real estate market:
•¡ An increase in real estate sales in 2009 over 2008 numbers. According to panelists from Indiana University's annual business outlook, Indianapolis should see more positive numbers for Indianapolis in the fourth quarter. Our market could rebound more quickly than other U.S. cities, primarily due to our nationally recognized affordability.
•¡ Housing prices stabilizing at 2008 levels. Even in a year of significant foreclosures from the sub-prime debacle, the average home price in Central Indiana only dipped five percent, compared to some areas in the country such as California, Florida and Nevada that are down more than 20 percent. Because of the current slowdown, there is a tremendous amount of pent-up demand for buyers waiting on the sidelines. Sales are moving for people who need a home, and as prices level off, we will see an equilibrating of supply and demand in the housing market.
•¡ Residential real estate inventory declining further until Central Indiana reaches a six-month supply in late 2009. Despite being a buyer's market, sellers are encouraged because inventory is decreasing - which means less competition.
•¡ Interest rates to remain low in 2009. The Federal Reserve cut interest rates nine times in 2008, leaving rates at record lows heading into 2009. Also, contrary to popular belief, banks are still lending money, and there will continue to be unprecedented buying opportunities in Central Indiana through much of 2009.
•¡ A new administration in Washington will bring positive change. In January, Americans will welcome a new administration, allowing a fresh start in 2009. President-elect Obama will immediately focus on creating jobs and providing much needed relief for American families. Homeowners can take heart that Obama intends to provide direct, immediate assistance by reforming the bankruptcy code, enacting a 90-day foreclosure moratorium and providing state fiscal relief to aid in property tax increases, among other initiatives.
As always, remember to visit www.chriscastetter.com for all of your real estate needs.
The average sales price for a home in March was $140,098, which is 2.8% less than March 2007.
Average days on market increased from 91 days in March 2007 to 106 days in March 2008.
By county, pended home sales in Hancock County was 31.6 percent less than in March 2007. Pended home sales in Morgan and Shelby counties were down 5.3 percent while sales in Hamilton and Marion Counties were down 21.2 percent and 9.6 percent respectively.
AVON- HENDRICKS COUNTY - As the spring home buying season begins, pended sales in the nine-county region slipped in March while available inventory showed a slight decline for the first time this year, according to pended sales statistics compiled by CHRIS CASTETTER / F.C. Tucker Company.
March pended home sales were down 14.7 percent with 2,419 homes pending compared to 2,836 in March 2007. So far this year, overall pended home sales are down 10.1 percent from March 2007. Available inventory in March was 18,405, which is 158 fewer homes available than in March 2007.
"While the drop in pended home sales in March is higher than we anticipated based on February's encouraging numbers, available inventory appears to be starting to balance out. "Going into the spring/summer home buying season, we anticipate a sales spike as homeowners get back into the market, which continues to offer an excellent array of homes at affordable prices." www.sellmyavonhouse.com
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chriscastetter.com is a native of Hendricks County Indiana & is The Local Real Estate Expert in the area. Selling Avon, Plainfield, Brownsburg and all of Hendricks & West Marion CountY
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