By IBJ Staff
Sales of existing homes in central Indiana decreased for the 25th straight month on a year-over-year basis in February amid higher prices and a declining inventory.
Closed existing-home sales in the 16-county area dropped from 3,542 in February 2023 to 3,482 in February 2024, a decline of 1.7%, according to the latest data from the MIBOR Realtor Association.
The median sale price for a home in the area rose 1.8%, to $280,00, in February.
The active inventory of homes shrank from 4,197 in February 2023 to 3,247 last month, a 22.6% tumble.
There were 2,450 new listings in February, up 18.8% from the previous month and 9.2% from the same month in 2023.
On average, sellers received 97.4% of their asking price last month, down from 97.5% a year ago. Homes spent an average of 48 days on the market before being sold, down from 53 days in February 2023.
“The central Indiana housing market continues to prove its resiliency,” MIBOR CEO Shelley Specchio said in written comments. “Despite the average rate for a 30-year mortgage being nearly half a point higher than the same time last year, closed sales were down only slightly, and pending sales grew.”
Marion County
In Marion County, closed sales in February were down 0.9% from a year ago, to 734. The median sales price in the county rose 2.2% from a year ago, to $235,000.
Other area counties
In Hamilton County, sales plummeted 16.2%, to 301, amid a dwindling inventory. The median sales price in the county rose 1.2%, to $420,000.
In Hendricks County, sales jumped 16.2%, to 166, and the median sales price increased 11.1%, to $350,000.
In Johnson County, sales rose 27.8%, to 161, and the median sales price increased 4.2%, to $312,000.
Sales dropped 11.8% in Madison County, to 105. The median sales price was down 7.9%, to $158,800.
Sales in Boone County were up 8.9%, to 61, while the median price dropped 4.8%, to $349,990.
Hancock County sales dropped 29.7%, to 83. The median price increased 5.2%, to $336,700
Morgan County sales decreased 3.2%, to 61, and the median sales price rose 6%, to $265,000.
Shelby County saw a 10.3% increase in closed sales, to 32. The median price rose 10.5%, to $215,500.
