Indiana Statewide Housing Market Overview

Here we have a copy of the Indiana Statewide Housing market Overview. It is important to note that real estate is local and local conditions do not necessarily follow state or nationwide conditions. We are fortunate to be in the Tristate.  Our averages are running above those of both the state and the nationwide levels. One indicator we keep an eye on is the Months Supply of Inventory, at the local level, which for the year ending in March 2011 is 9.1. The Indiana State wide Months Supply of Inventory is 9.7. We will report on this again in one month time to see if there were any differences. Please feel free to contact me at: RolandoTrentini@FCTE.com if you have any questions or concerns. - RT

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 March 2011 to March 2010:

The median sale price of homes decreased 2.8 percent to $105,000; and
The number of closed sales decreased 13.0% to 4,599.
“As expected, the number of closed sales and the median sale price of homes are down year-over-year,” said Karl Berron, Chief Executive Officer.  “It is likely we'll report larger percentage decreases in those measures next month. Neither is particularly concerning because of the April 30th federal home buyer tax credit deadline that pulled sales forward last year.”

REALTORS® have advised consumers for awhile now to review housing data in the long-term until the impact of the tax credit recedes. While the impact won't be as great after April, those who took advantage of the credit had until September 30, 2010, to close their transaction. This means that October 2012 is the soonest a true year-over-year comparison can be made.

“Until then, it’s a good idea to look deeper into the report,” said Berron. “Historical graphs show stability. Add that to continued low, but rising, interest rates, and qualified buyers couldn't ask for a much better time.
“Stability won't turn into growth without consumer confidence, so we're watching jobs numbers and unemployment claims closely, both of which are headed in the right direction,” he continued. “We're also watching - and advocating for changes to the mortgage industry that will ensure access to adequate mortgage capital for qualified buyers.”

More about the “Indiana Real Estate Markets Report”