FOR IMMEDIATE RELEASE
March 26, 2019
REALTORS® RELEASE FEBRUARY CENTRAL INDIANA HOUSING DATA
AND STATEWIDE HOUSING DATA
INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for February 2019 shows an increase in prices.
The median sales price rose 3.8 percent in February and 6.1 percent in the three-month review. The average sales price increased by 6.4 percent in February and 7.0 percent when comparing the three months ending in February.
New listings decreased 3.3 percent in February, but increased 0.1 percent for the quarter. Closed sales decreased 2.8 percent in February to 2,086.
“For at least the past year, low inventory and high demand have caused for a hot, busy marketplace. Homes that are priced right sell fast and the selling price of those homes continues to rise," said Shelley Specchio, MIBOR CEO. "REALTORS® anticipate the combination of lower mortgage rates and more inventory will continue to drive consumer confidence, making this an ideal time to connect with your REALTOR® if you are looking to buy or sell."
Additional Central Indiana year-over year comparisons (February 2018 vs. February 2019 )
- Pending sales increased 10.6 percent to 2,786*
- Current median sales price: $173,900
- Current average sales price: $209,270
- Months supply of inventory: 2.1 months*
- Total active listings fell by 5.8 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 (February 2019 vs. February 2018) shows:
- Closed home sales increased 2.3% to 5,022
- Median sales price of homes increased 4% to $154,900
- Average sales price of homes increased 3.7% to $178,381
- Percent of original list price received at sale decreased 0.1% to 95.3%
- Pending home sales increased 4.2% to 6,348
- New listings decreased 3.5% to 6,710
- Inventory of homes for sale decreased 3.1% to 22,457
- Months supply of homes for sale decreased 3.2% to 3 months
“Quality, fairly priced homes are selling within a few days in this market, sometimes even in mere hours,” said 2019 IAR President Brian Thompson of Bloomington. “And it’s not unusual to see homes sell for over list price these days, all because of low inventory and high demand. Realtors expect these market conditions to continue until the pace of new home construction picks up. Employment and wages remain key to a healthy market, as well.”
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.
Central Indiana Housing Market Overview
Statewide Housing Market Overview
Jaime Barb, MIBOR; 317-292-6841 call/text or firstname.lastname@example.org
Stacey Hartman, IAR; 317-664-9210 call/text or email@example.com