Sales of existing single-family homes finished 2020 with a flurry in December, capping off a huge year hindered only by the early months of the pandemic.
Completed sales in the 16-county area jumped from 2,767 in December 2019 to 3,333 last month—an increase of 20.5%, according to the latest data from the MIBOR Realtor Association.
The monthly sales increase was the sixth in a row after a three-month streak of declining sales in the market brought on by the pandemic. Area sales had been on the rise in six of the previous seven months before April.
On a yearly basis, area sales were up 6.4% in 2020, to 37,849, compared with sales of 35,557 in 2019.
The sales increase came despite rising prices and limited inventory.
The active inventory in December dropped 50.8%, to 2,396 houses, on a year-over-year basis. The median price in December was up 14.4%, to $222,900.
The median price for homes sold in the area in 2020 rose 14.1%, to $217,500, compared with $190,650 in 2019.
New listings were up 20% in December on a year-over-year basis, to 2,062, but were down 24.4% from November.
Marion County
In Marion County—the most active market in central Indiana—closed sales in December rose 19.3%, to 1,280.
The median sales price in the county rose 15.2%, to $190,000. New listings rose 21.3%, to 853. The inventory of available single-family detached houses plummeted 41.5%, to 1,055.
For the full year, Marion County experienced a 5.9% rise in closed sales, to 14,349. The median price of sold houses during the year was $180,500, up 11.8%.
Other area counties
In Hamilton County, sales rose 16.3%, to 584, in December. The median sales price rose 6.8%, to $330,000. The inventory of houses fell 61%, to 369.
Closed sales jumped 10.9% in Hamilton County during the entire year, to 7,366.
In Hendricks County, sales increased 6.6% in December, to 305, and the median sales price increased 6.6%, to $245,000. Full-year sales were up 3.5%, to 3,109.
In Johnson County, sales rose 13% in December, to 279, and the median sales price rose 15.5%, to $240,000. Full-year sales increased 4.2%, to 2,970.
Sales in Boone County were up 12.5 % last month, to 99, while the median price of a home rose 9.9%, to $365,372. Full-year sales rose 11.6%, to 1,371.
Hancock County sales were up 9.5% in December, to 138, and the median price rose 6.6%, to $225,000. Full-year sales increased 2.1%, to 1,533.
Sales were up 36.8% in Madison County last month, to 160. The median sales price increased 17%, to $140,450. Full-year sales rose 1.3%, to 1,695.
Morgan County sales increased from 31.6% in December, to 104, and the median sales price rose 13%, to $208,988. Full-year sales increased 10.8%, to 1,176.
Shelby County saw 49 closed home sales in December, up from 32 the previous year. The median price fell less than 1%, to $157,000. Full-year sales dipped 6.7%, to 557.