Market Watch for December
INDIANAPOLIS – While most large cities experienced a significant decline in home sales in 2007, central Indiana posted its fifth best year on record. Although overall figures are down 9.9 percent from 2006, residents in the nine-county region closed on more than 27,900 homes in 2007.
Central Indiana’s steady job market along with a slowdown in new home construction and lower mortgage rates are indicators that local home sales are on track to strengthen in 2008. Bolstering the outlook are several national surveys and reports from sources such as PMI Mortgage Insurance and Global Insight that rank Indianapolis as stable and positioned to see an early strengthening of the local real estate market in 2008.
According to the latest forecast by the National Association of REALTORS®, nationally existing-homes sales are expected to hold fairly steady in early 2008 and then rise later in the year, continuing to improve in 2009.
“The Indianapolis area continues to have a flourishing economy with great affordability, improving our chances for increased home sales in 2008," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Our local market was challenged in 2007 by a number of economic factors that affected consumer confidence, but I believe the worst may be over and, barring an economic downturn, residential real estate in the area should show signs of improvement by mid-year.”
Marion County experienced the most significant drop in home sales compared with 2006, down 11.5 percent. Although no county saw an increase in home sales in 2007, Boone County had the least decline with 0.9 percent compared with 2006.
Average sale prices at year’s end in the Indianapolis area dropped 2.1 percent from 2006 to an average of $153,270.
Morgan County experienced the greatest increase in average sales price, up 0.3 percent. Sales prices in six of the remaining eight counties were within one percent of balancing out. Marion County experienced the most significant decrease in sales price, dropping 5 percent to $116,727. Hamilton County maintained the highest average price among the nine counties at $255,822.
Homes spent an average of 89 days on the market, six days more than 2006. While most homes in the nine-county area remained on the market for more than 90 days, Hamilton County posted the least amount of days with 81. Madison County homes were on the market the longest with 106, two days more than 2006. Other counties with more than 90 days included Boone (91), Morgan (94) and Shelby (97). At 95, Hancock County’s average did not change.
Central Indiana’s steady job market along with a slowdown in new home construction and lower mortgage rates are indicators that local home sales are on track to strengthen in 2008. Bolstering the outlook are several national surveys and reports from sources such as PMI Mortgage Insurance and Global Insight that rank Indianapolis as stable and positioned to see an early strengthening of the local real estate market in 2008.
According to the latest forecast by the National Association of REALTORS®, nationally existing-homes sales are expected to hold fairly steady in early 2008 and then rise later in the year, continuing to improve in 2009.
“The Indianapolis area continues to have a flourishing economy with great affordability, improving our chances for increased home sales in 2008," said H. James Litten, president of F.C. Tucker Company’s Residential Real Estate Services Division. “Our local market was challenged in 2007 by a number of economic factors that affected consumer confidence, but I believe the worst may be over and, barring an economic downturn, residential real estate in the area should show signs of improvement by mid-year.”
Marion County experienced the most significant drop in home sales compared with 2006, down 11.5 percent. Although no county saw an increase in home sales in 2007, Boone County had the least decline with 0.9 percent compared with 2006.
Average sale prices at year’s end in the Indianapolis area dropped 2.1 percent from 2006 to an average of $153,270.
Morgan County experienced the greatest increase in average sales price, up 0.3 percent. Sales prices in six of the remaining eight counties were within one percent of balancing out. Marion County experienced the most significant decrease in sales price, dropping 5 percent to $116,727. Hamilton County maintained the highest average price among the nine counties at $255,822.
Homes spent an average of 89 days on the market, six days more than 2006. While most homes in the nine-county area remained on the market for more than 90 days, Hamilton County posted the least amount of days with 81. Madison County homes were on the market the longest with 106, two days more than 2006. Other counties with more than 90 days included Boone (91), Morgan (94) and Shelby (97). At 95, Hancock County’s average did not change.
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