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 November

"The story this month continues to be the lack of housing inventory in the central Indiana market," says Shelley Specchio, MIBOR CEO. "However, pending sales are up when they typically decrease this time of year, giving us more proof that there is still an unrelenting demand for homes."

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, said this about the central Indiana market, "You simply aren't building enough homes in your area to meet the need. You went from an inventory of nearly 10,000 listings in September of 2016 to 6,300 active listings last month."

Year-over-Year data for September:

Median sales price increased 5.5% to $189,900
Average days on market is unchanged at 40 days
Current active listings decreased to 6,341

Summary of September, 2019 MIBOR Report

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

Number of SOLDS: September, 2019 compared to last September: (+1.8%)
- Marion County (+7.7%)
- Hamilton County (+2.1%)
Number of PENDINGS: September, 2019 compared to last September: (+18.7%)
- Marion County (+19.7%)
- Hamilton County (+19.1%)
Number of NEW LISTINGS: September, 2019 compared to last September: (+0.5%)
- Marion County (-0.1%)
- Hamilton County (+10.2%)
The MEDIAN SALES PRICE for September, 2019 compared to last September: (+5.5%)... to $189,900
- Marion County (+7.1%)... to $160,700
- Hamilton County (+5.6%)... to $285,000
The PERCENT OF ASKED PRICE RECEIVED for September, 2019 compared to last September: (-0.1%)... to 97.5%
- Marion County (-0.0%)... to 97.3%
- Hamilton County (-0.4%)... to 98.1%
Number of DAYS ON MARKET for September, 2019 compared to last September: (-0.0%)... to 40 days
- Marion County (+8.3%)... to 39 days
- Hamilton County (-13.5%)... to 45 days
ACTIVE INVENTORY for September, 2019 compared to last September: (-7.4%)... to 6,341 homes
- Marion County (-5.4%)... to 2,306 homes
- Hamilton County (-5.0%)... to 1,293 homes
The ABSORPTION RATE for September, 2019 compared to last September: (-8.7%)... to 2.1 months
- Marion County (-9.1%)... to 2.0 months
- Hamilton County (-7.7%)... to 2.4 months