Positive Central Indiana Housing Trends Continue

Central Indiana home sales and other key housing indicators continued an upward trend in the last quarter, according to statistics released today by the Metropolitan Indianapolis Board of REALTORS®. Units sold and pended sales increased 15 percent and 10 percent, respectively, during March to May 2010. In the six-month comparison, units sold and pended sales increased 8 percent and 9 percent, respectively, while the 12-month comparison shows units sold increased by 7 percent and units pended increased by 9 percent.

Although positive, the pended sales activity did slow by more than half in the March–May time period. Pendeds recorded February-April jumped by 25 percent likely due to the pending expiration of the tax credit.

Total sales volume also continued to rise during the three-, six- and 12-month comparisons. During March to May 2010, total sales volume increased 26 percent to $1.03 billion when compared to the same period in 2009, marking the first time in 2010 that sales volume exceed $1 billion. Sales volume increased 20 percent to $1.63 billion in the six-month comparison and increased 11 percent to $3.69 billion in the 12-month comparison.

Additional key local findings:

• Average sale price increased 10 percent to $146,581 during the three-month period, when compared to the same period in 2009. During December 2009 to May 2010, average sale price increased 11 percent compared to the previous six-month period. A year comparison shows an increase of 4 percent.
  
• Months of available supply decreased for homes at every price point.
  
• Months of supply, regardless of price point, was down to 8.3 months in June 2010 compared to 9.7 months in June 2009.
  
• New listings during the three-month period increased by 13 percent from the same period in 2009.
  

“The pended sales show the expected slow down following the tax credit expiration, but decreased inventory and continued strong sales prices are encouraging,” noted Sue Applegate 2010 MIBOR President.