Central Indiana home sale continue slide, down 16% for three months ending Jan. 31, 2009

The IBJ

Existing home sales in central Indiana slid 16 percent for the three-month period ending Jan. 31, the Metropolitan Indianapolis Board of Realtors reported today.

Compared with the same time period the previous year, units sold in the 13 counties tracked by the trade group dropped to 4,458 from 5,336. The median sale price fell 13 percent, to $97,000 and the average sales price dropped 11 percent, to  $125,741.

All 13 counties in the region either showed declines or no growth in unit sales. The biggest drops were in Montgomery (40 percent), Boone (35 percent) and Putnam (34 percent) counties. Sales dipped 10 percent in Marion County, from 2,412 to 2,178, and 17 percent in Hamilton County, from 895 to 740.

New listings the past three months tumbled 23 percent, to 8,946. Inventory levels are holding steady at eight months, compared with 8.8 months the previous period.  

Over the past year, sales for the region fell 14 percent over the previous 12 months, from 29,421 to 25,357. The average sales price dropped 6 percent, from $151,392 to $142,049.