Indy Housing Market Update

Welcome again to another issue of the Indy Housing Market Update... where I briefly summarize the current trends of our local housing market, and provide a link to the latest home sale statistics from our local board, the Mid-Indiana Board of Realtors (MIBOR).

Hot Topics for the Month of December

"in October we saw current prices exceed the all-time highs of summer 2018. As well, this month posted the fifth highest monthly price ever, and we have not seen a decline in year-over-year prices in more than seven years," says Shelley Specchio. "However, sales activity has been showing slight increases, which is a definite improvement over the recent past."

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, said this about the Central Indiana increase in sales activity, "Lower interest rates, by increasing affordability, seem to be encouraging a bit more sales activity."

Year-over-Year data for October:

Median sales price increased 9.2% to $191,150
Average days on market decreased 8.5% to 43 days
Current active listings decreased to 6,499

Summary of October, 2019 MIBOR Report

Here is a breakdown of the market data from MIBOR's 16-county service area for the month of October, 2019:

Number of SOLDS: October, 2019 compared to last October: (+1.5%)
- Marion County (-4.4%)
- Hamilton County (+8.1%)
Number of PENDINGS: October, 2019 compared to last October: (+12.0%)
- Marion County (+14.2)
- Hamilton County (+5.0%)
Number of NEW LISTINGS: October, 2019 compared to last October: (+2.1%)
- Marion County (+4.6%)
- Hamilton County (+3.5%)
The MEDIAN SALES PRICE for October, 2019 compared to last October: (+9.2%)... to $191,150
- Marion County (+8.0%)... to $162,000
- Hamilton County (+7.6%)... to $306,750
The PERCENT OF ASKED PRICE RECEIVED for October, 2019 compared to last October: (+0.3%)... to 97.5%
- Marion County (+0.1%)... to 97.0%
- Hamilton County (+0.2%)... to 98.2%
Number of DAYS ON MARKET for October, 2019 compared to last October: (-8.5%)... to 43 days
- Marion County (-0.0%)... to 37 days
- Hamilton County (-15.6%)... to 54 days
ACTIVE INVENTORY for October, 2019 compared to last October: (-5.8%)... to 6,499 homes
- Marion County (-2.1%)... to 2,443 homes
- Hamilton County (-3.4%)... to 1,298 homes
The ABSORPTION RATE for October, 2019 compared to last October: (-8.7%)... to 2.1 months
- Marion County (+5.9%)... to 1.8 months
- Hamilton County (+5.0%)... to 2.1 months