The Indiana Real Estate Markets Report today released by the state’s Realtors shows that statewide, when comparing February 2013 to February 2012, the following occurred:
- The number of closed home sales increased 18.4 percent to 4,577,
- The median sale price of those homes increased 4.5 percent to $105,000,
- The average sale price increased 5.6 percent to $130,749,
- The percent or original list price received increased 0.9 percent to 89.6 percent,
- The number of pending home sales increased 11.8 percent to 5,523, and
- The number of new listings decreased 2.5 percent to 8,743.
The good news is that last month is part of a larger trend; February 2013 marked the following consecutive year-over-year gains in home prices and market activity:
- The number of closed home sales has increased year-over-year for 20 consecutive months,
- The median sale price of homes has increased for 15 consecutive months,
- The average sale price has increased for 14 consecutive months,
- Sellers received a greater share of their original list price for the 12th consecutive month, and
- The number of pending home sales has increased for 17 consecutive months.
“Consumer confidence is up, interest rates are low and prices are rising, which has created great opportunity for sellers,” said Kevin Kirkpatrick, 2013 President of the Indiana Association of Realtors and co-owner of Prudential Indiana Realty Group. “Members are genuinely optimistic for the year ahead, though we know real employment and wage growth, as well as access to credit, are key to the long-term success of housing markets across the state.”
Anyone looking to buy, invest or sell should start with the sortable county tables of this report and then talk to a local realtor who can give the most insight into what’s happening in a neighborhood, city or school district.
Established in May 2009, 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 and releases this report in partnership with 26 of the state’s 27 Multiple Listing Services (MLSs), including the Broker Listing Cooperative (BLC) in both central and southwestern Indiana.
IAR represents approximately 15,000 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 America’s largest trade association, the National Association of REALTORS, and subscribes to its strict Code of Ethics.
Source: Indiana Association of Realtors, Inside INdiana Business