Nearly twice as many Morgan County homes sold in January of 2013 as in the same month the year before. Overall, the home sales rate for central Indiana was 17 percent higher in January, but Morgan County reported an increase of nearly 88 percent, according to F.C. Tucker.
Art Brill, a realtor for Real Living in Martinsville, says the market is largely driven by people snapping up foreclosed home, even as loan requirements tighten.
“When the sun comes out and it warms up after winter, people start getting out and they look around,” Brill says. “Right now, interest rates are extremely low, but there are credit problems. You have to be super clean in order to get a loan.”
Morgan County Economic Development Corporation Executive Director Joy Sessing says she’s optimistic the increase will have a positive effect on the county’s economic development in general.
“Home sales is one indicator of the general economy, and of course if home sales are increasing and the average price is increasing then that’s a positive sign for the economy,” Sessing says.
Though the county saw an 88 percent increase in home sales last month, that still only meant 77 sales were pending or had closed by the end of the month.