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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 July
Statistics show a strong indication that prices are beginning to stabilize, which is a welcomed notion for buyers. Last year at this time, median sales prices were increasing in the double digits, now growth is half to a third of that. Additionally, closed price to original listing price had been growing for over 6 years (May 2012 - October 2018), but since November November 2018 that has steadily declined. This year, the spring season is shaping up to be nearly as good as last year. So, although the numbers of available properties continue to decline, with the interest rates also staying low and the job market remaining strong, we expect to see the market steady.
Year-over-Year data for May:
- Median sales price increase 3.2% to $196,000
- Average days on market was unchanged at 36
- Current active listings increase to 5,431
Summary of May, 2019 MIBOR Report
Here is a breakdown of the market data from MIBOR's 16-county service area for the month of May, 2019:
- Number of SOLDS: May, 2019 compared to last May: (-2.6%)
- Marion County (+3.7%)
- Hamilton County (-7.3%)
- Number of PENDINGS: May, 2019 compared to last May: (+8.4%)
- Marion County (+15.2%)
- Hamilton County (-7.9%)
- Number of NEW LISTINGS: May, 2019 compared to last May: (-0.9%)
- Marion County (-1.7%)
- Hamilton County (-3.5%)
- The MEDIAN SALES PRICE for May, 2019 compared to last May: (+3.2%)... to $196,000
- Marion County (+4.4%)... to $167,000
- Hamilton County (-1.1%)... to $295,000
- The PERCENT OF ASKED PRICE RECEIVED for May, 2019 compared to last May: (-0.3%)... to 98.2%
- Marion County (-0.4%)... to 98.4%
- Hamilton County (-0.3%)... to 98.5%
- Number of DAYS ON MARKET for May, 2019 compared to last May: (0.0%)... to 36 days
- Marion County (+28.0%)... to 32 days
- Hamilton County (-12.5%)... to 42 days
- ACTIVE INVENTORY for May, 2019 compared to last May: (+5.2%)... to 5,431 homes
- Marion County (+12.9%)... to 1,787 homes
- Hamilton County (+6.9%)... to 1,262 homes
- The ABSORPTION RATE for May 2019 compared to last May: (+6.7%)... to 1.6 months
- Marion County (+7.7%)... to 1.4 months
- Hamilton County (+18.8%)... to 1.9 months
Read the May, 2019 MIBOR report
Thanks again for your support... and your referrals. Have a great month!
Hot House Realty
www.mainmasters.com (a unique website devoted to the search for 1-level homes in the greater Indpls. area)
Indianapolis Star 2012-2018 Five Star Real Estate Agent Award Winner