2010 on par with 2009;
Median sale price of homes increases for the 13th month out of the last 15
Today’s release of the “Indiana Real Estate Markets Report” by the Indiana Association of REALTORS® (IAR) provides the usual month-over-month comparison and because of timing, also provides a comparison of calendar years that supports the association’s past recommendation for reviewing housing data in the long-term.
Statewide, when comparing 2010 to 2009:
The number of closed home sales decreased 6.6% to 57,765; and
The median sale price of homes increased 1.8% to $112,000.
The Report at a glance:
Statewide Housing Market Overview
Sortable County Tables:
One-month & Year-to-date Views
Trailing three- & 12-month Views
"The Long View"
“The federal homebuyer tax credit was only in play for a third of last year. And yet, the numbers show the market on par with 2009, which might take some who listen to non-local news by surprise,” said Karl Berron, Chief Executive Officer.
“Admittedly, activity is not as high as we want it to be,” he continued. “The good news is that prices are up, which is important to not just homeowners and families, but also to communities and the state. In fact, the median sale price of homes has increased 13 out of the last 15 months."
The usual month-over-month comparison shows that statewide, in December 2010:
The number of closed home sales decreased 8.9 percent from December 2009 to 4,288;
The number of pending home sales decreased 10.3 percent from December 2009 to 3,247;
The average sale price of homes increased 4.4 percent from December 2009 to $132,811; and
The median sale price of homes increased 3.9 percent from December 2009 to $109,000
“Again, the nation’s economic turmoil and the federal home buyer tax credit make it impossible to fairly evaluate the marketplace in the short-term, especially with regard to activity,” said Berron. “That’s why we’ll focus on the long-term; at least until the impact of the tax credit recedes.
“Most industry experts and the association’s leadership believe real estate markets will continue to improve, albeit slowly,” he continued. “What we do know is that there’s no better time to be a buyer than now. Interest rates remain low, though ticking upward, and there is a higher than normal inventory of homes available.”
Established in May 2009 and found online under the Reports tab of www.IndianaIsHome.com, the “Indiana Real Estate Markets Report” was the first-ever county-by-county comparison of existing single-family home sales in Indiana. In March 2010, IAR added statistics on other types of existing detached single-family (DSF) home sales – condominiums, duplexes, townhomes, mobile homes, etc. – to the report.
This past August, the report became even more robust. It now tells how the statewide housing market is performing according to eight different indicators, each with one-month and year-to-date comparisons, as well as a historical look. It also provides specific county information for 91 of Indiana’s 92 counties in a sortable table format, allowing for consistent comparison between local markets. IAR obtains the data directly from 26 of the state’s 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative® (BLC®) in central Indiana.
IAR represents approximately 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.