The Indiana Association of Realtors says home sales throughout the state increased 2.9 percent in January, compared to a year ago. The median sale price also rose 5.3 percent. Chief Executive Officer Karl Berron says the numbers are significant because the federal home buyer tax credit was in play in January 2010, but not last month.

 The Indiana Association of REALTORS® (IAR) today released its monthly “Indiana Real Estate Markets Report” as a continuation of its “Indiana is Home” project. Statewide, when comparing January 2011 to January 2010:

The median sale price of homes increased 5.3 percent to $100,000;

The average sale price of homes increased 0.6% to $121,941; and
The number of closed sales increased 2.9% to 3,037.

The Report at a glance:

Statewide Housing Market Overview
(Monthly Indicators)

Sortable County Tables:

One-month & Year-to-date Views

Trailing three- & 12-month Views

Reportisode:

"Homeowners Best Friend"

“These numbers are significant because the federal home buyer tax credit was in play in January 2010, but not last month,” said Karl Berron, Chief Executive Officer.

“REALTORS® have advised consumers for months now to review housing data in the long-term until the impact of the tax credit recedes. We maintain that position. A month of good news is not the sole reason for our optimism. Rather, it is what we’re seeing over several months and years that has us most hopeful,” he continued.

To Berron’s point:

The median sale price of homes, statewide, has increased 14 out of the last 16 months; and

The inventory of homes for sale has steadily trended downward since the latter part of 2007, getting closer to a normal or neutral market.

Berron conceded that activity isn’t as high as REALTORS® would like and will not be until the nation’s economy settles and there is a meaningful increase in jobs. “But,” he said, “It’s easy to see that housing has remained a smart long-term investment despite these challenges.”

More about the "Indiana Real Estate Markets Report"

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.

The report became even more robust in August 2010. 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.

It is a multi-media project aimed at keeping Hoosier homeowners, would-be homeowners, policymakers and the media well-informed on the ever-changing local real estate markets.

This month’s reportisode (video) discusses more benefits of homeownership, namely the mortgage interest deduction.

Indianapolis-based Boost Media Entertainment shot and produced all videos found online at www.IndianaIsHome.com.

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.

Source: The Indiana Association of REALTORS & InsideINdianaBusiness

http://www.insideindianabusiness.com/newsitem.asp?ID=46270