Today's release of the "Indiana Real Estate Markets Report" by the Indiana Association of REALTORS® (IAR) provides the latest year to year as well as month over month report of the housing market in Indiana.
The latest data from December 2010 shows that:
- 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.
However, when you look at year to year data you see that:
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.
In Johnson County where my partner and I reside and where our business, Atlas Property Group, LLC and Abbey Church Properties is located, closed sales dropped 12.5% when comparing December 2009 to December 2010 from 135 closed sales to 128. However the median price increased from $107,000 to $115,000 for a gain of 7.5%
In that same comparison, Marion County (Indianapolis), showed a larger drop in closed sales from 774 to 677 for a dip of -12.5% while the median price of the home increased by a similar margin as neighboring Johnson county. Home prices increased in Marion county from $83,500 (median price) to $90,000 for an uptick of 7.8%.
If you look at overall year to year comparison from 2009 to 2010 you will see that closed sales in Johnson County, Indiana fell 9.9% while Marion County fell 12.8%. Once again, though, the median price increased from 2009 to 2010 by 2.2% in Johnson County and 2.1% in Marion County.
What do these somewhat dry statistics mean? My take is that while the market is still slow, the future is looking better. Home prices are up, which is always good for the seller. In fact, the median price of a home has increased 13 out of the last 15 months in Indiana.
If you are a buyer, there is still no better time to buy than now. Home prices, although rising, are tremendously affordable in Central Indiana. Interest rates are still low and the inventory of existing homes remains relatively high.
If you are thinking of buying or selling your home in Central Indiana, call us! We know the market. 317.882.2901 or call my direct line 317.709.5122
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