May Housing Market Still Growing As Pace Slows

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MIBOR serves the needs of nearly 6,500 REALTOR® members and close to 500 Affiliate members in Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Marion, Montgomery, Morgan and Shelby counties. MIBOR also supplies the BLC® service to REALTORS® in Madison and Putnam counties. MIBOR’s archive of housing data can be found at  

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Director of Member
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Political Affairs Liaison


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May Housing Market Still Growing As Pace Slows 

Housing data released by the Metropolitan Indianapolis Board of REALTORS® (MIBOR) this week shows continued increases in pending sales, closed sales and pricing though sales activity has slowed from the brisk double digit pace of the early spring market. Pending sales increased 9.3 percent in the monthly comparison of May 2015 to the same period last year. In the quarter ending in May, pending sales rose 10.8 percent. Closed sales increased by 4.2 percent in May alone and by 9.7 percent in the three-month review. The key indicator of new listings fell 1.1 percent in May. 

Sale prices continue to grow. The average sales price increased by 6.2 percent in May and in the three-month review, while the median sales price rose even more – 9.3 percent in May and 8.0 percent for the three months ending in May. The current availability of inventory stands at 4.8 months. Housing experts indicate a true balance between buyers and sellers is closer to six months. 

Kathy Hall, 2015 MIBOR president acknowledged the slower growth rate, but pointed out the role of the confident seller, “the confidence of sellers remains very strong. Sellers are getting top dollar through this combination of low inventory and pent up buyer demand. Both have created a really healthy market as we near the close of the first half of the year.”

Several counties outperformed the region in closed sales including Boone, Hamilton, Hendricks, Madison and Shelby counties. Prices increased were strongest in Decatur, Hamilton, Hancock, Hendricks, Johnson and Morgan counties. Along with the Monthly Indicators Report, a one-page report of each county within the service area is also provided. In total, these data sets are intended to be a snapshot of the market, providing historical comparisons whenever possible. The data was pulled from the BLC® listing service on June 16. 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.  

Local Homebuilding Activity Slow in May, Stronger North and South
According to the Builder’s Association of Greater Indianapolis (BAGI), single family permits decreased six percent in May compared to May, 2014. Year-to-date through May, permits are down four percent. Hamilton and Johnson County both saw increases in May. BAGI discusses lot availability as well as job creation and local revenue associated with homebuilding in their data release, click here for more.

Indy Public Safety Foundation, City and Community Partners to Launch Graffiti Abatement Program

The Indy Public Safety Foundation, City and Community Partners launched a first of its kind Graffiti Abatement Program Wed., aimed at eradicating graffiti and addressing blight and decay in the community. The program was kicked off in one of the six focus areas, identified by the Indianapolis Department of Public Safety (DPS) as a target area for the reduction of crime. 

“The Graffiti Abatement Unit will also assist in addressing two areas of our ‘Safe City’ data driven model of crime reduction and enhancing quality of life by city agencies, non-profits, private sector business and faith based initiatives,” said Director of Public Safety Troy Riggs. “The two areas are public nuisance crime (graffiti) which tends to lead to higher level crime and recidivism. And, by staffing the unit with re-entrants under strict supervision and mentorship, we can improve not only quality of life in a neighborhood by abating graffiti but also improve a re-entrant’s life by providing them a job skill, life lessons and mentoring.”

In this ongoing project, a specialized Graffiti Abatement Unit/Truck has been outfitted with chemical abatement products, paint materials and cleaning products. The mobile unit will travel to affected areas to eradicate graffiti. The ongoing workforce participants are trained individuals from the Recycle Force program which mentors and trains formerly incarcerated individuals looking to gain stability through improved workforce skills. 

“The Indy Public Safety Foundation is proud to support the efforts to enhance the safety and quality of life in our community in collaboration with the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Department of Public Safety,” said Indy Public Safety Foundation Executive Director Dane Nutty.  “According to recent research, the top factor central Indiana residents consider most important when making their housing decisions is safety.” 
Support from the REALTOR® community aligns with MIBOR’s focus on healthy neighborhoods. 

“This program impacts two critical issues at the heart of healthy neighborhoods – increasing public safety and erasing the negative impact graffiti has on property value, quality of life and economic development,” said 2015 MIBOR President, Kathy Hall. “The project is a perfect for ongoing REALTOR® involvement.” 

Report graffiti by calling 327-4MAC. Follow @Indy_DPS  on Twitter and Instagram using #TakeOFFensetograffiti, and on Facebook at Indianapolis Department of Public Safety.

Partners for the Graffiti Abatement Program include Indy Public Safety Foundation; Indianapolis Dept. of Code Enforcement; IMPD; IFD; Department of Public Works; Metropolitan Indianapolis Board of REALTORS®, Cardwell Do-It-Best; Recycle Force, and Keep Indianapolis Beautiful. 

The Nitty Gritty Work of Plan Commissions & Board of Zoning Appeals
Community planning is definitely not for sissies! Rather, it is a very technical endeavor that requires that the participants understand the U.S. and Indiana Constitutions, federal and state law, and local ordinances and rules…. and that’s before we even talk about what good planning entails (which is covered in Nitty Gritty II).

NItty Gritty I provides citizen planners (elected officials, plan commissioners, and BZA members) and other interested individuals with the basics of local land use planning and regulation. The workshop will address the topics listed below with plenty of time for participant questions and discussion.

Thursday, July 16, 2015
9:00 am to 3:30 pm
Registration begins at 8:30 am

Indiana Farm Bureau Building
225 S. East St.
Indianapolis, Indiana 46202

Click here for more information including a registration form.

2015 MIBOR, 1912 N. Meridian St., Indianapolis, IN 46202 317­-956­-1912