(INDIANAPOLIS, IN) – For the second month in a row, the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Indiana Association of REALTORS® (IAR) have jointly released housing data pulled on the same day so that consistent, historical comparisons can be made between local markets. Both organizations today reported that the average sale price of homes remains strong.
When compared to the same three months in 2009, the average sale price of homes in central Indiana increased eight percent to $161,466 during June, July and August 2010. The average sale price during the past six months (March – August 2010) increased 7.2 percent, while the past 12 months (September 2009 – August 2010) saw an increase of 5.4 percent when compared to the same time periods in 2009. August 2010 compared to August 2009 gives the largest increase of 10.4 percent to $162,847.
Statewide, the average sale price of homes during August 2010 increased 5.9 percent to $139,804 when compared to August 2009.
The number of closed sales in central Indiana decreased by 19.5 percent in August 2010 when compared to August 2009, however this decline was not as sharp as July 2010 compared to July 2009. That decrease was 30.4 percent. The past 12 months (September 2009 – August 2010) saw a 2.1 percent increase in the number of closed sales when compared to September 2008 – August 2009.
Statewide, the number of closed sales during August 2010 decreased 19 percent when compared to August 2009.
“We often hear messages about the housing market that focus on the national picture. During the current economic environment, it is important to focus on the local housing indicators, which remain encouraging,” said Sue Applegate, 2010 MIBOR president. “Buyers in central Indiana have an opportunity to take advantage of historic low interest rates, which can provide more savings over the life of the mortgage than a one-time tax credit.”
“Nationally the real estate market is adjusting after the national tax-credit, but the market we are currently in has many advantages, more supply, historic low interest rates and less buyer competition,” said IAR CEO Karl Berron.
Additional key central Indiana findings:
- Median sale price also continued to increase. During June – August 2010, median sale price increased 1.2 percent; the six-month comparison recorded a 4.2 percent increase and the 12-month comparison increased by 2.6 percent.
- New listings decreased by 2.4 percent during the three-month comparison, increased six percent during the six-month comparison and increased 4.1 percent during the 12-month comparison.
- Months of supply hovered at 9.4 months in August 2010.