ANDERSON — The number of houses available for sale in the Madison County area is running more than 10% below what was on the market a year ago.
The MIBOR Realtors Association, which covers the Indianapolis metropolitan area and 11 surrounding counties, reported at the end of October the inventory for Madison County showed 340 houses on the market, which is 11.5% below the same period in 2018.
The average sale price in Madison County was $135,350, an increase of 23% over a year ago. The number of sales closed in October was 152, which is a decline of 5%.
“The problem is we don’t have enough listings,” Betty Mitchell, with the Mitchell Co. Realtors said. “We’re lacking the inventory.
“There are not enough homes available for people that want to move into the community,” she said. “Madison County is more affordable than surrounding counties and there are more buyers, but we lack the inventory.”
Steve Thomson with FC Tucker said the low inventory of houses on the market is causing a problem.
“Buyers are frustrated because they aren’t finding what they want,” he said. “They are willing to wait for the right house to come on the market.”
Thompson said this is the longest stretch in several years of low housing inventory in Madison County.
“Madison County is still more affordable when compared to other markets in our area,” he said. “The price increase for the Indianapolis metropolitan area is up 12% this year.”
Thompson said buyers are looking for four-bedroom houses in the $140,000 to $150,000 price range.
“We recently sold a house in north Anderson for $160,000,” he said. “Two years ago a similar property sold for $125,000.”
Thompson said Pendleton, Lapel and Frankton continue to be hot markets in Madison County, but there is increased interest in Anderson and Alexandria.
He said the low inventory is a result of people not willing to put their homes up for sale in the market.
“There are more resources for people to stay in their homes,” Thompson said. “It’s called aging in place.”
Jamie Barb with MIBOR said there is a low inventory of houses on the market throughout the region and there is an increase in sales prices.
“We’re not building enough houses and the type of houses that are in demand in the region,” she said.
A recent study found that the Indianapolis metropolitan area is falling short of the demand for housing by 1,750 units on an annual basis.