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 May
In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year's marks were already quite low.
Closed Sales were down 3.6% to 2,859. Pending Sales decreased 14.7% to 3,653, and Inventory grew 8.8% to 6,212.
Median Sales Price was up 4.9% to $182,000. Percent of Original List Price Received decreased 0.4% to 95.5%. Absorption Rate was up 5.3% to 2.0 months.
The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.
Summary of March, 2019 MIBOR Report
Here is a breakdown of the market data from MIBOR's 15-county service area during the three months ending in March, 2019:
- Number of units SOLD for the quarter compared to last year: (-4.6%)
- Marion County (-2.2%)
- Hamilton County (-2.0%)
- Number of Pendings for the quarter compared to last year: (+0.2%)
- Number of New Listings for the quarter compared to last year: (-1.8%)
- Marion County (+0.6%)
- Hamilton County (+2.0%)
- The Average Sales Price for the quarter compared to last year: (+6.1%)... to $213,156
- Marion County (+3.8%)... to $168,608
- Hamilton County (+5.1%)... to $328,318
- The Median Sales Price for the quarter compared to last year: (+5.4%)... to $176,000
- Marion County (+5.4%)... to $147,500
- Hamilton County (+4.2%)... to $275,000
- The Percent of Original List Price Received at Sale for the quarter is: (-0.5%)... to 94.8%
- Marion County (-1.1%)... to 94.1%
- Hamilton County (-0.7%)... to 95.6%
- The Months Supply of Inventory for March, 2019 in the 15-county MIBOR service area is up 5.3% to 2.0 months... compared to 1.9 months at the end of March, 2018.
- Marion County (+24.2%)... to 2.0 months at the end of March, 2019... compared to 1.6 months in March, 2018.
- Hamilton County (-7.6%)... to 2.2 months at the end of March, 2019... compared to 2.0 months in March, 2018.
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