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April Market Insights

April Market Insights

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Posted by: Jaime Barb on Wednesday, May 13, 2020 at 6:00:00 am

Amidst all the uncertainty, both in the U.S. and around the world due to COVID-19 one of the things MIBOR REALTO® Association has kept a close eye on is the effect it has had on the housing market. The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. There is no doubt that we have seen an impact from COVID-19, however the impact has been far less in Indiana than we may have anticipated.

 

In a recent press release, Shelley Specchio, MIBOR CEO stated, “The April market saw much less of an impact from Covid-19 than might have been expected. Median sales price of $210,000 was at an all-time high, gaining 12.3% over last year, although the price was almost flat compared to last month, where normally we would see solid gains in prices between March and April. Percentage of asking price to received of 98.3% was near an all-time high and median days on market remains at just 38, the same as last month. Although sales activity did slow, the numbers show that despite our current atmosphere, many are still eager to buy or sell.”

 

Year over year data for April shows:

 

  • Median sales price increased 12.3 percent to $210,000
  • Average days on market decreased 11.6 to 38
  • Current active listings decreased to 3,967

 

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker said, “Here we are, in the middle of a pandemic, and housing inventory in Indianapolis is as tight as it ever has been. With inventory that tight, there is almost no way you can conceive of major price declines. Demand for houses would have to fall much, much more before you would see a meaningful decline in prices. What I expect to see is slowing of price appreciation, perhaps into the low single-digits.”

 

For more on April’s data, check out the monthly market report, here: http://www.mibor.com/marketinsights

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