Central Indiana Real Estate Market Watch: April 2020
April home sales decrease as home buyers continue to see less inventory and increased prices
Monthly real estate stats from F.C. Tucker Company showed a stable Central Indiana real estate market. Even with a decrease in home sales in April 2020, home prices continued to increase, inventory continued to decrease, and homes left the market faster compared to April 2019.
Pended home sales decreased 23.2 percent, but the average home sale price for the 16-county central Indiana region in April was $239,714, an increase of 9.8 percent. The year-to-date average home sale price increased by 8.8 percent, to $233,293. Home inventory decreased by 14.7 percent, compared to this time last year.
In April 2020, 3,110 central Indiana homes were purchased, down 23.2 percent from the 4,050 sold in April 2019. Specifically:
Putnam County and Jennings County were the two counties showing an increase in growth in homes sold with increases of 13.6 percent and 11.8 percent, respectively, compared to April 2019.
Bartholomew County pended sales had the greatest decrease with 38.1 percent fewer homes sold in April 2020 compared to April 2019.
Year-to-date home sale prices increased, and homes also left the market more quickly compared to this time last year.
Brown County recorded the highest average year-to-date home sale price increase at 18.8 percent compared to April 2019.
Hamilton County had the highest average year-to-date home sale price in the region at $350,969.
Homes sold in 46 days on average, 8 percent faster than year-to-date 2019. Jennings County homes left the market at 32 days on average, the fastest of the 16-county central Indiana area.
Inventory decreased 14.7 percent last month, with 4,380 homes listed in April 2020. That represents 756 fewer homes available for sale than in April 2019.
Jackson County once again experienced the highest increase in inventory with 31.6 percent more listings than April 2019.
Morgan County inventories dropped the most at 31.7 percent compared to this time last year.
“While the COVID-19 pandemic has been challenging for the central Indiana real estate market, home buyers and sellers remain optimistic,” said Jim Litten, CEO of F.C. Tucker Company. “As long as we continue to see a decrease in available inventory and homes continue to sell quickly, home buyers can expect to see prices continue their upward trend.”
Of the pended home sales in the region last month,19 were priced $1,000,000 to $1,999,999; 159 were priced $500,000 to $999,999; 551 were priced $300,000 to $499,999; 875 were priced $200,000 to $299,999; 1,164 were priced $100,000 to $199,999; and 342 were priced at $99,999 or less.