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New contracts are trending upward across the state. This is driven by an upward trend in 37 counties. We take a closer look at five of those counties below. Overall, we see pendings trending upward across all of Central Indiana and in most large cities (Evansville, Fort Wayne, and Indianapolis, but not South Bend or Lake County).
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About one-sixth of new contracts in the state over the last three weeks have been in Marion County. This county has been averaging 272 new contracts per week in that period, 5% higher than the same three weeks last year.
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Hamilton County averaged 100 new contracts per week to start the year, the second-highest of any county. That's about the same as this time last year, but one key difference: there is more inventory for buyers. Last year's market started the year with 652 homes available on the average day and falling. This year, 809 homes are available on the average day, and that has been steady for three weeks.
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In Fort Wayne, new contracts have averaged 87 per week to start the year, and each week new contracts grow by 20%. That's a much faster clip than last year. Some listings are even starting to come under contract immediately—23% were pending within three days. For the prior six weeks, only 11% of listings were pending within three days.
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Pendings here are averaging 49 per week over the last three weeks, 17% higher than last year, and new contracts are growing by 14% per week. Unlike other counties, Clark is still near its seasonal inventory peak, with almost 500 homes to choose from on the average day. Despite this high inventory, closings are still pulling in 97% of their original asking price.
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Last year's market began with 17 contracts per week, and this year that has jumped to 22. That small difference is still good for a 30% increase compared to last year. The Muncie market is affordable, with an average listing price of $170,000 and 51% of listings having dropped their price at some point. This affordable market could attract buyers this spring.