Real estate sales still up in October

New housing data issued by the MIBOR REALTOR® Association (MIBOR) for October 2021 shows an increase in median sales price.

The median sales price rose 14.9 percent in October compared to October 2020, and was unchanged compared to September 2021.

Pending sales increased 10.6 percent in year over year comparison. New listings decreased 0.1 percent in year over year comparison, and 2.6 percent compared to September 2021. Closed sales decreased 8.7 percent compared to last year and 7.0 percent compared to last month.

“Home prices in Indianapolis remain near all-time highs, with a median sales price of $255,000, 14.9% higher than where we were last year at this time,” said Shelley Specchio, MIBOR CEO. “As prices typically decline during the colder months, this is a sign that the market remains very strong. And, as it builds wealth, owning a home continues to be one of the best long-term investments one can make.”

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “nationally, there is strong consumer demand out there for just about everything. Demand for services was pleasantly up, and in most cases was able to be satisfied, although not without some bumps – think airline travel. The demand for goods was not able to be satisfied so well because you simply cannot buy what is not available. There was also a reduction in government funding with the end of additional unemployment benefits in early September, further dragging down the last third of 21Q3, and the ending of the unemployment benefits did not necessarily translate into more employment, at least not immediately. Dr. Eisenberg says: “Put all of this together and it’s not necessarily surprising that GDP was a little disappointing. I think the good news is that in 21Q4 should improve and we are likely to see a doubling of GDP to at least 4%.”

Additional central Indiana year-over year comparisons (October 2020 vs. October 2021)

– Pending sales increased 10.6 percent to 3,784

– Current median sales price: $255,000

– Months supply of inventory: 0.8 months

– Total active listings decreased by 18.7 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.