Originally posted at My Indy Waterfront Blog
The Metropolitian Indianapolis Board of Realtors (MIBOR) has recently released their 1st Quarter Data. The report shows that the first quarter of 2011 was 10.9% lower in homes sold from a year ago; keep in mind the First Time Buyer credit was available in the first quarter of 2010.
They assemble the report by County; so let me give you both Lawrence Township (Marion County) data and Hamilton County Data since Geist Real Estate crosses both counties.
Marion County was actually down 18.7% (so more than overall of 10.9%) and the average sale price was down 1.8%. We currently have an absorption rate or inventory of just over 9 months. A seller's market is at 5 months; so still heavily weighted towards buyers.
Hamilton County was down 9.4% in homes sold quarter to quarter, but their average selling price was up 3% from $232,000 to $239,000. The absorption rate is similar to Marion at 8 months supply.
In summary, it is still such a great time to purchase a home. The inventory is high, the rates are low and the sellers are motivated. If it is your first time buying a home, join us for an educational session on what you need to know when buying your first home. If you are a move up buyer or someone who is downsizing, we have lots of information on those topics too; just email your Geist Real Estate Agent. If you would like either the Marion County or Hamilton County full report, just let me know.