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Local Housing Market Closing in on a Positive Year

by The Worrell Group

Central Indiana housing numbers held strong for the month of November, while a 12-month review of key metrics puts the market even or slightly better than 2010. According to the latest MIBOR Monthly Indicators Report of Broker Listing Cooperative® data to be released Tuesday, Dec. 27, pending sales, closed sales, median and average sales prices rose in the three-month comparisons to last year. All those indicators rose in the November only comparison with the exception of median sales price which slipped by 3.2 percent in November to $120,001.

Closed sales were up 13.0 percent in the quarter ending in November compared to the same time period last year. Median sales price rose 4.1 percent and average sales price rose 5.9 percent in the quarter, consistent with the price stability seen all year. New listings were down 10.7 percent in the three months ending in November. Months of supply of inventory dropped slightly to 9.0 months for the quarter.

Monthly numbers are encouraging as well. For the month of November, closed sales rose 15.2 percent over November 2010. Pending sales for the month were up an encouraging 11.9 percent for the month.


 

Number of State Real Estate Sales Are Up Year-Over-Year

by The Worrell Group

According to the monthly “Indiana Real Estate Markets Report” today released by the Indiana Association of REALTORS®, activity was high in November with both the number of closed and pending home sales up by double digits year-over-year.

Statewide, when comparing November 2011 to November 2010:

  • The number of closed home sales increased 14.2% to 4,411; and
  • The number of pending home sales increased 10.4% to 3,959.

“We’re close to being able to say that 2011 was better than the last two years,” said Karl Berron, Chief Executive Officer. “Local housing markets may not be making progress as quickly as we’d like, but they’re making progress and that’s good news for everyone.”

With regard to the slight dip in prices, Berron said REALTORS® were not concerned because year-to-date, the median sale price of homes in Indiana is actually up when compared to 2010 and 2009, and so is the average sale price.

“Home prices here in Indiana have historically held their ground,” said Berron. “It’s one of the reasons we enjoy a homeownership rate of more than seventy percent, and is certainly a positive for would-be home owners who are now shopping with some of the lowest mortgage interest rates in current memory."y

You Should Find This Interesting - Regarding The Foreclosures!

by The Worrell Group

More than a third of all new U.S. home mortgages during 2006 went to people who already owned at least one house. In some of the worst hit state, where average home prices more than doubled from 2000 to 2006, these buyers made up about half of all mortgage purchases during the housing bubble. Buyers owning three or more properties represented the fastest-growing segment of homeowners during that time.

“This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if they wanted to buy a home for their family,” some researchers have noted.

Investors defaulted in large numbers after home values began to drop in 2006. They accounted for more than 25 percent of seriously delinquent mortgage balances nationwide, and more than a third in Arizona, California, Florida, and Nevada from 2007 to 2009. 

As you hear news like this, please keep in mind that some reports tell us that about half of all homes across the U.S. do not have a mortgage - they are owned free and clear.

Displaying blog entries 1-3 of 3

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The Randy Worrell Team
RE/MAX Legends Group
5645 Castle Creek Pkwy N
Indianapolis IN 46250
Direct: 317-819-3330
Voicemail: 317-644-0086

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