INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for July 2020 shows an increase in prices.
The median sales price rose 11.9 percent in July compared to July 2019, and increased 2.3 percent compared to June 2020.
Pending sales increased 20.0 percent in year over year comparison. New listings decreased 3.5 percent in year over year comparison, but increased 7.4 percent compared to June 2020. Closed sales increased 8.5 percent compared to last year and 9.9 percent compared to last month.
“While new listings recovered slightly these last several months, it’s clear they are well below what’s needed to improve inventory levels. Sellers remain reluctant to put their house on the market with the fear of not finding a new home and buyers are urged to be more than ready to make an offer,” Said Shelley Specchio, MIBOR CEO. “REALTORS® urge buyers to be pre-qualified and with minimal contingencies to compete in this market.”
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “The story of the Indianapolis market, as with other markets around the country, remains the complete lack of inventory. Months’ supply of inventory is at just 0.8, the lowest level ever. In terms of active listings – there’s just nothing to buy, with 3,246 available listings, just 50 units above last month’s all-time low level. Since January of 2010, with few exceptions, there have been declines in inventory levels, but until the last few months, we’ve never seen them at 40% year-over-year declines.”
Additional central Indiana year-over year comparisons (July 2019 vs. July 2020 )
- Pending sales increased 20.0 percent to 4,155
- Current median sales price: $225,000
- Months supply of inventory: 0.8 months
- Total active listings decreased by 45.7 percent
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.