INDIANAPOLIS — New housing data issued by the MIBOR REALTOR® Association (MIBOR) for March 2021 shows an increase in monthly closed sales.
The median sales price rose 8.4 percent in March compared to March 2020, and 1.6 percent compared to February 2021.
Pending sales increased 12.6 percent in year over year comparison. New listings decreased 9.8 percent in year over year comparison, and increased 52 percent compared to February 2021. Closed sales decreased 7.2 percent compared to last year and increased 21.7 percent compared to last month.
“In March we saw pending sales increase 12.6% compared to last year at this time, setting the stage for strong spring market,” said Shelley Specchio, MIBOR CEO. “Over the next several months we are likely to see large year-over-year increases in sales numbers compared to April and May of 2020, the early months of the pandemic when activity collapsed. Nevertheless, buyers are still showing up, making this a great time for sellers to talk to their REALTOR®.”
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “Despite early predictions of a grim first quarter, economic forecasts continuously improved and 21Q1 GDP growth is likely to exceed 5%. This builds on the most recent upward revision to 20Q4 which put overall 2020 GDP growth at -3.5%. At this point, with the combination of the $1.9 trillion American Rescue Plan, improving vaccination rates, substantial pent-up demand, and a large amount of forced savings from last year, there is no real reason to expect anything less than absolutely stellar growth in Q2 and Q3 2021, perhaps as high as 8.5%. By 21Q4, we will likely see slower growth and begin to see a return to trend growth.”
Additional central Indiana year-over year comparisons (March 2020 vs. March 2021 )
- Pending sales increased 12.6 percent to 3,509
- Current median sales price: $226,500
- Months supply of inventory: 0.6 months
- Total active listings decreased by 61.6 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.