Central Indiana endures buyer's market

Home sales and prices across central Indiana fell further in November, although the declines were not as steep as October's, according to the latest MLS statistics from the Metropolitan Indianapolis Board of Realtors.

Realtors recorded 2,219 home sales last month in the nine-county region surrounding Indianapolis, down 6.5 percent from the 2,374 homes sold in November 2005.

The median sales price of a home dipped to $122,900 in November from $124,995 a year ago -- for a 1.7 percent drop.

New listings declined for the fourth straight month in November, as just 3,794 homes came on the market, down 2.8 percent from 3,905 listings a year ago. This compares with 4,583 new listings in October, 4,679 in September and 5,397 in August.

Although more homeowners are postponing plans to sell and inventory levels came down from October, there were still 18,135 homes for sale at the end of November, up 9.1 percent, or 1,513 listings, from the same time last year.

"We haven't found that equilibrium between buyers and sellers quite yet, but we anticipate the market to level off in 2007," said H. James Litten, president of F.C. Tucker Co.'s Residential Real Estate Services Division, a large Indiana real estate brokerage. "Not only is the inventory surplus showing some early signs of tempering, overall economic indicators are positive. With unemployment down, wages up and home prices flattening, more buyers will inevitably re-enter the market and we'll begin to see greater balance."

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