Ryan Hart

(INDIANAPOLIS, IN) – For the second month in a row, the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Indiana Association of REALTORS® (IAR) have jointly released housing data pulled on the same day so that consistent, historical comparisons can be made between local markets. Both organizations today reported that the average sale price of homes remains strong.

When compared to the same three months in 2009, the average sale price of homes in central Indiana increased eight percent to $161,466 during June, July and August 2010. The average sale price during the past six months (March – August 2010) increased 7.2 percent, while the past 12 months (September 2009 – August 2010) saw an increase of 5.4 percent when compared to the same time periods in 2009. August 2010 compared to August 2009 gives the largest increase of 10.4 percent to $162,847.

Statewide, the average sale price of homes during August 2010 increased 5.9 percent to $139,804 when compared to August 2009.

The number of closed sales in central Indiana decreased by 19.5 percent in August 2010 when compared to August 2009, however this decline was not as sharp as July 2010 compared to July 2009. That decrease was 30.4 percent. The past 12 months (September 2009 – August 2010) saw a 2.1 percent increase in the number of closed sales when compared to September 2008 – August 2009.

Statewide, the number of closed sales during August 2010 decreased 19 percent when compared to August 2009.

“We often hear messages about the housing market that focus on the national picture. During the current economic environment, it is important to focus on the local housing indicators, which remain encouraging,” said Sue Applegate, 2010 MIBOR president. “Buyers in central Indiana have an opportunity to take advantage of historic low interest rates, which can provide more savings over the life of the mortgage than a one-time tax credit.”

“Nationally the real estate market is adjusting after the national tax-credit, but the market we are currently in has many advantages, more supply, historic low interest rates and less buyer competition,” said IAR CEO Karl Berron.

Additional key central Indiana findings:

• Median sale price also continued to increase. During June – August 2010, median sale price increased 1.2 percent; the six-month comparison recorded a 4.2 percent increase and the 12-month comparison increased by 2.6 percent.
  
• New listings decreased by 2.4 percent during the three-month comparison, increased six percent during the six-month comparison and increased 4.1 percent during the 12-month comparison.
  
• Months of supply hovered at 9.4 months in August 2010.

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.

Home sales and prices were on the rise in Hamilton County during February to April 2010, according to statistics released today by the Metropolitan Indianapolis Board of REALTORS®. During the February to April 2010, units sold increased 23 percent, when compared to the same period in 2009. In six- and twelve-month comparisons, units sold increased by 19 percent and 8 percent, respectively.

“It is encouraging to see double digit increases in all the key areas for the last three months,” said Sue Applegate, 2010 MIBOR president. “The federal tax credit deadline most likely attributed to a surge of home sales in April, so looking at the six- and 12-month windows help give an even more accurate picture of the whole real estate market.”

Months of supply in Hamilton County decreased to 6.9 months – the lowest in central Indiana – in April 2010, down from 8.4 months in 2009.

Examining central Indiana as a whole, total home sales, sales volume, average sale price and median sale price increased during the three-, six- and 12-month comparisons. In the three-month outlook, units sold and units pended increased 11 percent and 25 percent, respectively, when compared to the same period in 2009. In a six-month comparison, units sold and units pended increased by 10 percent and 15 percent, respectively. A 12-month comparison shows units sold and units pended increased by 4 percent and 10 percent, respectively.

Additional key local findings:

• Hamilton County average sale price increased 10 percent during February to April 2010, decreased 5 percent during the six-month period ending in April and remained the same as the previous year.
  
• Months of available supply in the 13-county area decreased for homes priced up to $750,000
  
• Months of supply in central Indiana, regardless of price point, was down to 8.2 months in April 2010 compared to 9.1 months in April 2009
  
• New listings in central Indiana during the three-month period increased by 19 percent from the same period in 2009
  
• Central Indiana total sales volume increased 26 percent to $835 million in the three-month outlook, while average and median sale price increased 14 and 12 percent, respectively, during February to April 2010. In a 12-month comparison, total sales volume increased 7 percent to $3.62 billion, while average and median sale price both increased 3 percent.

First Quarter Home Sales, Market Activity Increase
MIBOR releases three-, six- and 12-month central Indiana statistics

INDIANAPOLIS — Units sold in central Indiana increased in the quarterly, six-month and 12- month comparisons, according to statistics released today by the Metropolitan Indianapolis Board of REALTORS®. During first quarter 2010, homes sold increased to 4,634, a 1 percent increase when compared to first quarter 2009. A six-month comparison shows that units sold increased 13 percent to 11,016 when compared to October 2008-March 2009. When compared to the previous 12-month period, units sold increased 1 percent to 25,103.

Units pended, a key indicator of market activity, also increased 11 percent during first quarter 2010, when compared to the same period in 2009. The six- and twelve-month comparisons show an increase of 11 percent and 5 percent, respectively.

Additional key local findings:

• Total sales volume during the first quarter increased 12 percent to $637 million.
  
• Months of supply, regardless of price point, decreased to 8.2 months in March 2010 compared to 9.0 months in March 2009.
  
• Average sale price increased 11 percent to $137,647 during first quarter when compared to the same period in 2009.
  
• Median sale price increased 12 percent to $109,900 during first quarter 2010 when compared to the same period 2009.