REALTORS® RELEASE NOVEMBER CENTRAL INDIANA HOUSING DATA
INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for November 2019 shows an increase in prices and pending sales.
The median sales price rose 4.6 percent in November compared to November 2018, and decreased 2.2 percent compared to October 2019. Pending sales increased 9.5 percent in year over year comparison.
New listings decreased 3.8 percent in year over year comparison, and 32.5 percent compared to October 2019. Closed sales decreased 4.5 percent compared to last year, and 17.9 percent compared to last month.
“As we round out 2019 we see many metrics similar to what we have seen in previous months. High demand is driving increased prices, balanced against the challenge of low inventory," said Shelley Specchio, MIBOR CEO. "However we still consider this a strong market given the fact that sales are consistent and buyers are present and optimistic."
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, points out, "The choices for buyers are increasingly limited and pricey, as evidenced by shrinking inventories and rising prices. This lack of inventory is a national trend, but what's different in Indianapolis, inventories are just so low that sales may have plateaued, whereas they are rising nationally."
Additional central Indiana year-over year comparisons (November 2018 vs. November 2019 )
- Pending sales increased 9.5 percent to2,487
- Current median sales price: $187,250
- Months supply of inventory: 2.3 months
- Total active listings decreased by 8.6 percent
*To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the year-over-year analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the singe-family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our MIBOR BLC® listing service.
The attached MIBOR REALTOR® Association (MIBOR) Market Insights Report provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data. The report analyzes both month-over-month and year-over-year to give a view of the trends occurring in the central Indiana market. Consumers will also have access to specific county information for the 16 counties included in MIBOR’s Broker Listing Cooperative® (BLC®) listing service area: Bartholomew, Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Jackson, Jennings, Johnson, Madison, Marion, Montgomery, Morgan, Putnam, and Shelby counties.
To coincide with the new MIBOR Market Insights Report, MIBOR has added a consumer tool to allow members of the public to view a number of market metrics such as number of units sold, median sales price, number of new listings and more. The metrics are shown graphically to show the trends in the marketplace. To view the new Market Insights, visit www.mibor.com/marketinsights.
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 8,500 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, Jackson, Jennings, and Putnam counties. MIBOR’s archive of housing data can be found at www.mibor.com/marketinsights.