Real estate stats still hot

New housing data issued by the MIBOR Realtor Association for November shows an increase in median sales price, pending sales, new listings and closed sales.

Or in other words, the market was still sizzling hot through November.

Median sales prices rose 12.1 percent in November compared to November 2020, and decreased 1.6 percent compared to October 2021.

Pending sales increased 13.1 percent in year over year comparison. New listings increased 10.2 percent in year over year comparison. Closed sales increased 5.2 percent compared to last year. “Compared to last November, closed sales gained 5.2% while pending sales were up 13.1%,” said Shelley Specchio, MIBOR CEO. “Sales have slowed slightly from this summer, a likely sign of a return to seasonality. The year-over-year comparison is promising that the market is improving and proves that this is still a great time to speak to a REALTOR® if you are contemplating purchasing or selling a home.”

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “Nationally, The housing market continues to almost defy gravity, with sales activity steadily rising from already strong numbers earlier in the year and despite low inventories and high home prices. Long-term interest rates remain very subdued, despite inflation levels not seen in decades, likely attributable to the Fed’s decision to begin tapering in November and possibly raising rates as early as spring 2022. As a result, 30-year mortgage rates should remain low for the foreseeable future and will likely increase only modestly through 2022. While we are unlikely to see a housing market exceed the heady, turbocharged pace of the last year, all indications are that it will continue to perform well and quite possibly exceed our already high expectations.”

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

– Pending sales increased 13.1 percent to 3,292

– Current median sales price: $251,000

– Months supply of inventory: 0.7 months

– Total active listings decreased by 16.8 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.