Submitted by Dani Robinson
Monthly real estate stats from F.C. Tucker Company revealed yet another 47 percent decrease in Central Indiana housing inventory compared to this time last year – for the second month in a row – leaving home buyers in an extremely competitive seller’s market that has resulted in increased sale prices and, in some cases, bidding wars.
- The average November home sale price for the 16-county Central Indiana region was $259,360, an increase of 15 percent.
- The year-to-date average home sale price increased by 11.7 percent, to $251,317, rising even further than last month’s 11.3 percent price increase.
- Available housing inventory dropped 47 percent compared to November 2019.
- Pended home sales increased 21.7 percent compared to this time last year.
In November 2020, 3,253 Central Indiana homes were purchased, up 21.7 percent from the 2,674 sold in November 2019. Specifically:
- Shelby County showed the greatest increase in the number of homes sold with 79.3 percent growth, compared to November 2019.
- Decatur County pended sales, however, had the greatest decrease with 3.3 percent fewer homes sold in November 2020 compared to November 2019.
Graphic provided
Year-to-date home sale prices continued their upward climb:
- Brown County recorded the highest average year-to-date home sale price increase at 21.9 percent compared to November 2019.
- Hamilton County once again had the highest average year-to-date home sale price in the region at $369,694.
- Homes sold in 32 days on average, 13.5 percent faster than year-to-date 2019. Decatur County and Jennings County homes left the market 14 days faster than this time last year – the greatest decrease of the 16-county Central Indiana area.
Central Indiana experienced a 47 percent decrease in home inventory in November 2020. That represents 2,833 fewer homes available for sale than in November 2019. Every county saw home inventory decreases of 27.3 percent or higher, and half of the 16-county area saw inventory decreases higher than 50 percent.
- Shelby County had the lowest inventory decrease – 27.3 percent – compared to November 2019.
- Brown County inventory decreased the most significantly in Central Indiana – 72.9 percent – compared to this time last year.
“We typically see the real estate market soften following a federal and state election, but central Indiana’s residential real estate market showed no signs of slowing down in November,” said Jim Litten, CEO of F.C. Tucker Company. “Given the continued sizable decrease in housing inventory, I anticipate the residential real estate market to finish 2020 on a high note.”
Of the pended home sales in the region last month, four were priced $2,000,000 or higher; 23 were priced $1,000,000 to $1,999,999; 177 were priced $500,000 to $999,999; 598 were priced $300,000 to $499,999; 976 were priced $200,000 to $299,999; 1,135 were priced $100,000 to $199,999; and 340 were priced at $99,999 or less.