INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for February 2020 shows an increase in prices, sales and new listings.
The median sales price rose 9.6 percent in February compared to February 2019, and increased 3.6 percent compared to January 2020. Pending sales increased 23.2 percent in year over year comparison.
New listings increase 4.8 percent in year over year comparison, and 9.2 percent compared to January 2020. Closed sales increased 3.3 percent compared to last year, and 12.4 percent compared to last month.
"The market showed that buyers remain eager to purchase homes," said Shelley Specchio, MIBOR CEO. "Median sales prices compared to last year have increased by at least 9.4 percent for 5 of the last 8 months and currently stand at $188,490 which is high comparatively for this time of year. These metrics along with the rise in new listings are indicative of confidence in the market."
Dr. Elliot Eisenber, an internationally acclaimed economist and public speaker, says, "The combination of solid sales, significant price appreciation and low inventory levels are what we are seeing in most cities across the country. We saw great job growth and low interest rates in December, January and February and it shows in an extremely tight market."
Additional central Indiana year-over year comparisons (January 2019 vs. January 2020 )
- Pending sales increased 17.3 percent to 2,806
- Current median sales price: $181,500
- Months supply of inventory: 2.4 months
- Total active listings decreased by 12.6 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.