2013 housing market improves
Sunday, January 26, 2014 9:00 PM
Data issued this week for 2013 shows stabilization of the central Indiana housing market with a bump in closed sales for the fourth quarter. The data was released jointly by the Metropolitan Indianapolis Board of REALTORS (MIBOR) and the Indiana Association of REALTORS (IAR).
In central Indiana and across the state, every measurement of the industry made strong gains in 2013 and that momentum carried into the fourth quarter. The number of closed sales in central Indiana increased by 4.3 percent in the three months ending in December 2013 when compared to the same three-month period last year. In December alone, closed sales increased by 10.8 percent.
Pending sales decreased by 4.5 percent in the three months ending in December and decreased 10.3 percent in the one-month comparison. Pending sales reflect signed purchase agreements that have yet to close.
In central Indiana, the average sales price of homes increased by 6.9 percent to $170,079 in the three-month comparison and increased by 10.5 percent to $176,662 in the December-only comparison. Median sales prices increased by 4.8 percent to $133,000 in the three-month comparison and increased 5.4 percent in December to $134,900.
Additional key findings for central Indiana during 2013:
>> New listings increased by 7.1 percent;
>>Months of supply decreased to 5.4 months, down 26.9 percent; and
>>Total active listings fell by 11.8 percent.
Statewide, 2013 outperformed 2012 in every measure of housing data. When comparing last year to the year before, the following occurred across Indiana:
>>The number of existing, single-family homes sold increased 14 percent to 75,849;
>>The median sale price of homes increased 3.4 percent to $122,000;
>>The average sale price increased 4.3 percent to $146,008;
>>The percent of original list price received increased 1.5 percent to 92 percent;
>>The number of pending sales increased 10.1 percent to 71,603; and
>>The number of new listings increased 4.5 percent to 117,147.