The Metropolitan Indianapolis Board of REALTORS® is the professional association representing central Indiana’s REALTORS®. MIBOR serves the needs of more than 6,000 members in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Montgomery, Morgan and Shelby counties. MIBOR also supplies BLC® listing service to REALTORS® in Decatur, Madison and Putnam counties.
Director of Member
& Industry Advocacy
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Political Affairs Liaison
Economic and Community Development Liaison
Strong Prices, Lagging Activity Dominate Central Indiana Housing
Housing data released by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) shows an increase in sales prices in the central Indiana housing market with a decrease in closed and pending sales. Across the region, the average sales price of homes increased by 8.7 percent to $165,595 in the three-month comparison and increased by 4.1 percent to $153,722 in the February-only comparison. Median sales prices increased by 7.5 percent to $129,000 in the three-month comparison and 7.8 percent to $124,900 in February.
According to the MIBOR Monthly Indicators Report, the number of closed sales in central Indiana decreased by 4.8 percent in the three months ending in February 2014 when compared to the same three-month period last year. In February alone, closed sales decreased by 12.8 percent. Pending sales decreased by 15.4 percent for the quarter and decreased by 12.5 percent in the one-month comparison. New listings decreased 19.9 in February compared to February 2013 and inventory stands at 4.3 months.
Boone, Hendricks and Morgan counties bucked the trend with positive closed sales numbers. In addition, Boone, Hancock, Johnson and Marion counties outperformed the region as a whole in median sales price increases.
Janet Jernigan, 2014 MIBOR President commented, “as expected, the harsh impact of winter is reflected in February housing data by the decline of pending and closed sales. However, buyers are now beginning to shake off winter to take advantage of favorable interest rates. Sellers are in a great position to capitalize on the perfect combination of spring weather, strong prices and low inventory this sales season. It should be an active season.”
Along with the Monthly Indicators Report, a one-page report of each county within the service area is also provided. To download the Monthly Indicators and county reports, click here . Please note, due to the length of the reports, it may take a few minutes to download. If you have questions regarding the data, please click here .
Flood Insurance Rate Hikes Delayed
On Monday, March 24th, President Obama signed into law a bipartisan bill that will delay flood insurance rate hikes for property owners. The Homeowner Flood Insurance Affordability Act repeals the Federal Emergency Management Agency’s (FEMA) authority to increase premium rates when a property is sold. It also refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones. The senate approved the bill on March 13, and the House of Representatives March 4.
The original rate hikes were part of the 2012 Biggert-Waters law. Designed to gradually phase out flood insurance subsidies, the increases were an attempt to shore up finances for the National Flood Insurance Program (NFIP), which is roughly $24 billion in debt. Debt caused mainly by relief efforts of catastrophic events over the last decade. As a result of the phase-out, some home owners who were not required to pay the full actuarial cost of their insurance were being faced with tens of thousands of dollars a year in flood insurance hikes.
“Today, many months of hard work, negotiation and bipartisan compromise have culminated in a law that will end skyrocketing flood insurance costs for hundreds of thousands of home owners,” says U.S. Rep. Maxine Waters, D-Calif. “Though the measure isn’t perfect, it ensures there will be no more dramatic rate increases for families currently facing unaffordable premiums.”
The National Association of REALTORS® (NAR) worked intently with legislators to delay the hikes. MIBOR has been following the issue as stories of concerned home owners began to surface.
2013 Profile of Home Buyers & Sellers – Metro Indianapolis Report
This annual survey conducted by the National Association of REALTORS® of recent home buyers and sellers helps to gain insight into detailed information about their experiences with this important transaction. The information provided supplies understanding, from the consumer level, of the trends that are transpiring and the changes seen. Access the report here.
Mid-Range Density – The Middle Ground of Development
Architects, planners, developers, academics and others, many with New Urbanist backgrounds, are urging the market to focus on more modestly sized housing choices, many in multi-family buildings, on medium-density, single-family locations within walking distance of town centers. Read more.