Association Reports Jump in Home Sales

The Indiana Association of Realtors is reporting increases in November closed home sales. The organization says that number jumped 26.2 percent, compared to the same month in 2011. The average sale price throughout the state increased 5.1 percent.

The Indiana Real Estate Markets Report today released by the state’s REALTORS® shows that statewide, when comparing November 2012 to November 2011, the following occurred:

• The number of closed home sales increased 26.2 percent to 5,566,
• The median sale price of those homes increased 8.6 percent to $119,500,
• The average sale price increased 5.1 percent to $139,688,
• The percent of original list price received increased 0.9 percent to 90.2 percent,
• The number of pending home sales increased 17.2 percent to 4,640, and
• The number of new listings increased 4.9 percent to 7,055.

“Home sales continued to increase through the end of November suggesting that Hoosiers’ belief in homeownership remains strong as the year comes to a close,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “But the biggest story of today’s report and perhaps the whole year is that homes have not only held their value, but also made price gains.”

The good news made last month is part of a trend that proves local residential real estate markets across the state continue to strengthen from the worst of the recession. November 2012 marks 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 17 consecutive months,
• The median sale price of homes has increased for 12 consecutive months,
• The average sale price has increased for 11 consecutive months,
• Sellers received a greater share of their original list price for the ninth consecutive month, and
• The number of pending home sales has increased for 14 consecutive months.

Anyone looking to buy or invest 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.

More about the Indiana Real Estate Markets Report

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 http://www.insideindianabusiness.com/newsitem.asp?ID=57258