INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for August 2018 shows an increase in new listings, sales and prices.
New listings increased 9.5 percent in August, and 5.9 percent for the quarter.
Closed sales increased 8.0 percent in August to 3,802.
The median sales price rose 9.0 percent in August and 7.7 percent in the three-month review. The average sales price increased by 5.3 percent in August and 6.3 percent when comparing the three months ending in August.
“As inventory slowly rises and prices increase, buyers continue to remain optimistic as closed sales indicate,” said Shelley Specchio, MIBOR CEO. “Moderately priced homes are selling quickly, meaning that more inventory would only helps sales. If you are in the market to buy or sell, now is the time to contact your REALTOR®."
Additional Central Indiana year-over year comparisons (August 2018 vs. August 2017)
- Pending sales increased 19.0 percent to 3,731*
- Current median sales price: $179,000
- Current average sales price: $216,003
- Months supply of inventory: 2.6 months*
- Total active listings fell by 18.0 percent*
*On April 3, 2018 MIBOR BLC® Listing Service retired the Status of “Active with Contingency” to eliminate marketplace confusion about the status of properties, and set clear expectations for consumers. Listings with this status demonstrated that an offer to purchase had been accepted by the seller and continued to be reported as “Active” while the buyer addressed details in preparation to move forward with the purchase. These listings were included in inventory numbers and used to calculate “Months’ Supply” and “Days on Market”. All properties with an accepted offer to purchase were changed to the Status of “Pending” with a continue to show option and no longer reported as active inventory. Listings with this status are now reported as “Pending Homes.” Significant decreases in inventory and increases in pending sales are a direct result of this status change and not the result of a shift in the real estate market.
Statewide year-over-year review (August 2018 vs. August 2017) shows:
- Percent of original list price received increased 0.2 percent to 96.3 percent
- Closed home sales increased 7.0 percent to 9,404
- Pending home sales increased 7.7 percent to 8,630**
- New listings increased 3.4 percent to 11,050
- Inventory of homes for sale decreased 10.7 percent to 26,868**
- Months' supply of homes for sale decreased 12.2 percent to 3.6 months
“Home prices continue to inch upward,” said 2018 IAR President John De Souza of South Bend. “That’s because supply remains low and consumers remain optimistic. While some across the nation are concerned about affordability, the fact remains that trends in Indiana do not yet support a dramatic shift away from what has been experienced over the last few years. REALTORS® do not expect conditions to change until the pace of new construction picks up or employment and wages start to slide.”
The attached data report explains how the central Indiana housing market is performing according to eight different indicators. Each indicator will have one-, three-, six- and 12-month comparisons as well as a historical look. Consumers will also have access to specific county information for the 15 counties included in MIBOR’s Broker Listing Cooperative® (BLC®) service area: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam, and Shelby counties.
IAR’s report, found online under the Consumers tab of IndianaRealtors.com, shows how Indiana’s housing market is performing according to the same indicators, with one-month and year-to-date comparisons as well as a historical look. Consumers will also have access to specific county information for 91 of Indiana’s 92 counties in a sortable table format.
This information has been provided by MIBOR REALTOR® Association (formerly named the Metropolitan Indianapolis Board of REALTORS®), the professional association representing central Indiana's REALTORS®. MIBOR serves the needs of over 8,000 members in Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, and Shelby counties. MIBOR also supplies the BLC® service to REALTORS® in Bartholomew, Jennings, and Putnam counties. MIBOR’s archive of housing data can be found at www.mibor.com.
IAR represents just over 17,500 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange, or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.