In Johnson County and across central Indiana, 2016 is starting slow with home sales.
So far this year, home sales are down 8 percent, compared to the first two months of 2015. And in February, sales were down again by about 11 percent
Home sales across central Indiana dropped 3.5 percent compared to the same time period last year, according to a report from Indianapolis-based F.C. Tucker Co.
The decline in home sales in central Indiana has more to do with fewer homes for sale than a year ago at this time, rather than fewer buyers, Re/Max sales associate Rob Cambpell said.
When houses go up for sale, people are ready and waiting to buy, Campbell said. But the demand outweighs the supply right now, he said.
“Sellers want to wait for their yards to green-up in April and May before they sell. I’m already talking to people who plan to buy and sell in the coming months,” Campbell said. “The market is really strong. I don’t think there will be any downturn.”
When those houses go up for sale, buyers can expect an increase in price compared to last year because of the higher demand.
Last month, Johnson County’s average sales price was $182,101, an increase of about 14 percent and more than $20,000 compared to the same time in 2015, the F.C. Tucker report said.
The average price in central Indiana is as high as it has been in the last four years, at about $170,000, according to F.C. Tucker.
All nine central Indiana counties have seen a steady decrease in the number of homes for sale, with about 8,000 homes for sale, compared to 2012 when more than 12,000 homes were on the market, according to F.C. Tucker.
“There’s plenty of demand, but the inventory is phenomenally low,” F.C. Tucker’s residential division vice president Tom Johnson said.
“Our projections indicate this is going to be a phenomenal year. As an industry, we aren’t uncomfortable with anything other than the low amount of houses for sale.”
Here is a look at the number of homes sold in February 2015 compared to February 2016:
Decrease: 4 percent
Decrease: 20 percent
Increase: 17 percent
Decrease: 7 percent
Decrease: 11 percent
Decrease: 5 percent
Decrease: 3 percent
Decrease: 15 percent
SOURCE: F.C. Tucker Co.