Marion, Hamilton counties' sales lead strong housing market
A booming housing market in Marion and Hamilton counties led to higher year-over-year sales in Central Indiana this past month, despite a persistent lack of listings.
There were 471 pending sales in Hamilton County in September, up 17.2 percent over the same month a year ago, and 1,095 sales in Marion County, up 12.4 percent. Across Central Indiana, pending sales were up 6.1 percent in September, maintaining a pace of 6 percent higher sales for the year so far, according to F.C. Tucker Co.
“Despite the drop in homes for sale, home buyers are snatching up available homes rather quickly,” F.C. Tucker CEO Jim Litten said in a statement. “Low mortgage rates and appropriately priced homes should keep positive momentum in home buying through the end of 2016.”
Buyers continue to find fewer options on the market this year. There were 10,166 houses listed for sale across the region in September, down 17.2 percent from 12,284 listings a year earlier.
Indianapolis housing prices likely to keep rising
Meanwhile, the region has seen a modest uptick in prices. The average sales price in Central Indiana was $188,145 in September, a 2.5 percent increase from a year earlier. Boone County continues to have the region's most expensive homes, with an average price of $291,625 in September, up 7.5 percent.
Among the counties with the highest sales volumes, the average sales price in Johnson County rose 6 percent to $185,557, Hamilton County rose 2.8 percent to $285,496, Marion County rose 2 percent to $150,160 and Hendricks County rose 1.1 percent to $191,825.
Central Indiana buyers secured an average 30-year fixed mortgage rate of 3.6 percent, helping to encourage more sales, according to F.C. Tucker.
Homes are selling faster in Hamilton County than anywhere else in the region. The average Hamilton County home that sold in September spent just 63 days on the market. Johnson County homes are selling in an average of 64 days.
There were an especially large number of luxury sales across Central Indiana in September. One sale topped $2 million and 12 were priced between $1 million and $1,999,999. There were 67 homes that sold for between $500,000 and $999,999.
Indy's surprising housing problem
Call IndyStar reporter James Briggs at (317) 444-6307. Follow him on Twitter: @JamesEBriggs.