Central Indiana’s Housing Market is…Competitive

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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.

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Chris Pryor
Director of Member
& Industry Advocacy

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Lex Fay
Political Affairs Liaison

Sara Laycock

Economic and Community Development Liaison

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Central Indiana’s Housing Market is…Competitive

Housing data released by MIBOR this week demonstrates that central Indiana finds itself in an extremely competitive residential resale spring housing market evidenced by strong prices, multiple offers and fast selling times. The biggest struggle for this positive market continues to be tight supply. Housing experts are watching the key indicator of “Months of Inventory” which tracks the supply of available housing for sale. Traditionally when approximately six months of inventory is available, it’s a balanced market for both buyers and sellers. In 2014, months of inventory has fallen into the four month range making it difficult for buyers to find available properties. Current data for April shows that while inventory levels did creep up to 5.0 months in April and New Listings increased 1.2 percent, potential buyers still outnumber available properties.

Median and Average Sales Prices continue to march higher – Median Sales Price was 5.6 percent for the three months ending in April while Average Sales Price increased 5.3 percent. April only followed a similar trend with Median Sales Price increasing 4.6 percent and Average Sales Price 5.5 percent.

Closed Sales decreased for the quarter and month, although at a slower pace. Closed Sales were down 9.6 for the three months ending in April compared to the same time period in 2013 and dropped 8.3 percent in April compared to a year ago. Pending Sales followed a similar pattern, down 8.6 percent for the quarter and 6.8 percent in April alone. 

Along with the Monthly Indicators Report, a one-page report of each county within the service area is also provided. Hancock, Johnson and Montgomery counties outperformed the region in sales activity while Hendricks and Johnson led the region in price gains. 

In total, these data sets are intended to be a snapshot of the market, providing historical comparisons whenever possible. To download the Monthly Indicators report, click here. To view the one-page 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.

National Market Review:  NAR Offers Forecast at Recent Conference
At last week’s REALTOR® Party Convention & Trade Expo hosted by the National Association of REALTORS® (NAR), Chief Economist Lawrence Yun suggested gradual improvement in the housing market through 2015. 

Housing analysis was also offered by Eric Belsky of the Joint center for Housing Studies at Harvard University and Dennis McGill, director of research for Zelman & Associates. Yun discussed the home sales-to population ratio and GPD growth saying, “There are no fresh signs of recession, and the second quarter could grow about 3 percent.”

Yun forecasted that even though existing-home sales rose more than 9 percent to nearly 5.1 million in 2013, sales activity retrenched during the past six months. Even with gradual improvement moving forward, sales are projected to decline about 3 percent for the year to just over 4.9 million, but should trend up to more than 5.2 million in 2015. Click here for more detail.

Local Building News: BAGI Reports Third Month of Increases
Last week, the Builders Association of Greater Indianapolis (BAGI) reported that home building activity in central Indiana rose for the third straight month in April. Homebuilders filed 521 single-family building permits in the nine-county area during the month. That’s up five percent from the 496 filed in April 2013. It’s also a 14-percent increase from March. 

Hamilton County saw the most activity in April, with 214 permits filed. That’s an increase of 15 percent over April 2013. In Marion County, 61 permits were filed, a decrease of 10 percent. Filings rose one percent in Hendricks County; 30 percent in Boone County; and 27 percent in Hancock County. Filings fell nine percent in Johnson County. Filings also dropped in Madison, Morgan and Shelby counties.  

2014 MIBOR, 1912 N. Meridian St., Indianapolis, IN 46202 317­-956­-1912