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Indianapolis Market Watch

February 2011

March 28th, 2011 8:06 AM

The familiar trend of strong prices and decreased activity continues in this
February and rolling quarter review. Central Indiana's housing market boasts
increased average and median sales prices for all time periods measured, with
the outlier being average sales price in the month of February down 0.6 percent. Median price for the quarter compared to the same three months past year reached $115,000; average hit $144,352.

Closed sales for the three-months ending in February decreased 9.1 percent,
no surprise given the market this time last year and the impending expiration of
the tax credit. February only sales dipped 13.9 percent. New Listings for the
same time period decreased 16.3 percent. Meanwhile, Pending Sales
decreased 19.3 percent to arrive at 4,119 contracts written. This meant overall
inventory levels increased just slightly by 0.2 percent. Months supply of
inventory was at 8.8 months for the three months ending in February.

Pent-up demand, continued low interest rates and central Indiana's continued
ranking as the most affordable market in the nation bode well for an active
spring. To that end, all eyes are on the critical metric of consumer confidence.

Posted by Ryan Hart on March 28th, 2011 8:06 AM

September Market Update

September 20th, 2010 1:38 PM

(INDIANAPOLIS, IN) – For the second month in a row, the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Indiana Association of REALTORS® (IAR) have jointly released housing data pulled on the same day so that consistent, historical comparisons can be made between local markets. Both organizations today reported that the average sale price of homes remains strong.

When compared to the same three months in 2009, the average sale price of homes in central Indiana increased eight percent to $161,466 during June, July and August 2010. The average sale price during the past six months (March – August 2010) increased 7.2 percent, while the past 12 months (September 2009 – August 2010) saw an increase of 5.4 percent when compared to the same time periods in 2009. August 2010 compared to August 2009 gives the largest increase of 10.4 percent to $162,847.

Statewide, the average sale price of homes during August 2010 increased 5.9 percent to $139,804 when compared to August 2009.

The number of closed sales in central Indiana decreased by 19.5 percent in August 2010 when compared to August 2009, however this decline was not as sharp as July 2010 compared to July 2009. That decrease was 30.4 percent. The past 12 months (September 2009 – August 2010) saw a 2.1 percent increase in the number of closed sales when compared to September 2008 – August 2009.

Statewide, the number of closed sales during August 2010 decreased 19 percent when compared to August 2009.

“We often hear messages about the housing market that focus on the national picture. During the current economic environment, it is important to focus on the local housing indicators, which remain encouraging,” said Sue Applegate, 2010 MIBOR president. “Buyers in central Indiana have an opportunity to take advantage of historic low interest rates, which can provide more savings over the life of the mortgage than a one-time tax credit.”

“Nationally the real estate market is adjusting after the national tax-credit, but the market we are currently in has many advantages, more supply, historic low interest rates and less buyer competition,” said IAR CEO Karl Berron.

Additional key central Indiana findings:

Median sale price also continued to increase. During June – August 2010, median sale price increased 1.2 percent; the six-month comparison recorded a 4.2 percent increase and the 12-month comparison increased by 2.6 percent.
New listings decreased by 2.4 percent during the three-month comparison, increased six percent during the six-month comparison and increased 4.1 percent during the 12-month comparison.
Months of supply hovered at 9.4 months in August 2010.

Posted by Ryan Hart on September 20th, 2010 1:38 PM

Positive Central Indiana Housing Trends Continue

July 14th, 2010 3:23 PM

Central Indiana home sales and other key housing indicators continued an upward trend in the last quarter, according to statistics released today by the Metropolitan Indianapolis Board of REALTORS®. Units sold and pended sales increased 15 percent and 10 percent, respectively, during March to May 2010. In the six-month comparison, units sold and pended sales increased 8 percent and 9 percent, respectively, while the 12-month comparison shows units sold increased by 7 percent and units pended increased by 9 percent.

Although positive, the pended sales activity did slow by more than half in the March–May time period. Pendeds recorded February-April jumped by 25 percent likely due to the pending expiration of the tax credit.

Total sales volume also continued to rise during the three-, six- and 12-month comparisons. During March to May 2010, total sales volume increased 26 percent to $1.03 billion when compared to the same period in 2009, marking the first time in 2010 that sales volume exceed $1 billion. Sales volume increased 20 percent to $1.63 billion in the six-month comparison and increased 11 percent to $3.69 billion in the 12-month comparison.

Additional key local findings:

Average sale price increased 10 percent to $146,581 during the three-month period, when compared to the same period in 2009. During December 2009 to May 2010, average sale price increased 11 percent compared to the previous six-month period. A year comparison shows an increase of 4 percent.
Months of available supply decreased for homes at every price point.
Months of supply, regardless of price point, was down to 8.3 months in June 2010 compared to 9.7 months in June 2009.
New listings during the three-month period increased by 13 percent from the same period in 2009.

“The pended sales show the expected slow down following the tax credit expiration, but decreased inventory and continued strong sales prices are encouraging,” noted Sue Applegate 2010 MIBOR President.

Posted by Ryan Hart on July 14th, 2010 3:23 PM

Hamilton County Housing Activity Increases

July 14th, 2010 3:21 PM

Home sales and prices were on the rise in Hamilton County during February to April 2010, according to statistics released today by the Metropolitan Indianapolis Board of REALTORS®. During the February to April 2010, units sold increased 23 percent, when compared to the same period in 2009. In six- and twelve-month comparisons, units sold increased by 19 percent and 8 percent, respectively.

“It is encouraging to see double digit increases in all the key areas for the last three months,” said Sue Applegate, 2010 MIBOR president. “The federal tax credit deadline most likely attributed to a surge of home sales in April, so looking at the six- and 12-month windows help give an even more accurate picture of the whole real estate market.”

Months of supply in Hamilton County decreased to 6.9 months – the lowest in central Indiana – in April 2010, down from 8.4 months in 2009.

Examining central Indiana as a whole, total home sales, sales volume, average sale price and median sale price increased during the three-, six- and 12-month comparisons. In the three-month outlook, units sold and units pended increased 11 percent and 25 percent, respectively, when compared to the same period in 2009. In a six-month comparison, units sold and units pended increased by 10 percent and 15 percent, respectively. A 12-month comparison shows units sold and units pended increased by 4 percent and 10 percent, respectively.

Additional key local findings:

Hamilton County average sale price increased 10 percent during February to April 2010, decreased 5 percent during the six-month period ending in April and remained the same as the previous year.
Months of available supply in the 13-county area decreased for homes priced up to $750,000
Months of supply in central Indiana, regardless of price point, was down to 8.2 months in April 2010 compared to 9.1 months in April 2009
New listings in central Indiana during the three-month period increased by 19 percent from the same period in 2009
Central Indiana total sales volume increased 26 percent to $835 million in the three-month outlook, while average and median sale price increased 14 and 12 percent, respectively, during February to April 2010. In a 12-month comparison, total sales volume increased 7 percent to $3.62 billion, while average and median sale price both increased 3 percent.

Posted by Ryan Hart on July 14th, 2010 3:21 PM

May 2010 Market Data

July 14th, 2010 3:20 PM

Average Sale Price

Months of Supply by County

Months of Supply by Price Point

Sold Properties by Price Point

Posted by Ryan Hart on July 14th, 2010 3:20 PM