Real Estate Report for May 2010

Here is the latest report about Metro Indianapolis Real Estate from the F. C. Tucker Company.

May pended homes down nearly 32 percent in Central Indiana
All nine counties see increase in housing prices

INDIANAPOLIS – More than 1,500 Central Indiana homes pended in May, with one Central Indiana county reporting an increase compared to the same time period last year, according to pended sales statistics compiled by F.C. Tucker Company.

Overall, May home sales declined 31.5 percent with 1,545 homes pended compared to 2,257 in May 2009. Hancock County posted the only increase with a 4.9 percent upsurge. Year to date, home sales have increased 9.3 percent.

Tucker’s just-released data also indicates that all nine Central Indiana counties saw increases in average year-to-date home prices. Homes in Shelby County sold for an average of $91,883, a 27 percent increase over the same period last year. Also, Marion and Morgan counties showed 17.1 percent and 10.8 percent increases, respectively. The average year-to-date sales price for a home in the nine-county area was $144,301, which is 11 percent more than January to May of last year.

“After a robust April, we expected a slight drop in home sales in May due to the expiration of the federal first-time and move-up buyer tax credits,” said Jim Litten, president of F.C. Tucker Company. “As prices improve and housing inventory stabilizes, we anticipate a more balanced market.”

As homeowners readied their homes for the traditional spring and summer home buying season, available homes for sale in the nine-county region rose 3 percent in May 2010 with 16,278 homes on the market, 477 more homes than in May 2009. Five counties experienced above average inventory declines. Johnson County experienced the greatest decrease in inventory at -1.5 percent, followed by Madison County at -1.3 percent.

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