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January Posts Very Strong Housing Numbers!

by The Worrell Group

As we delve into a new year, the central Indiana housing market is seeing positive signs. Uncharacteristically warm weather, continued low rates and ample inventory combined for a good kind of “perfect storm” resulting in the strongest January in years. A strong showing in the data adds to the optimistic picture.

The January Monthly Indicators Report of BLC® listing service date released by MIBOR today shows that new listings in central Indiana decreased 14.7 percent for the three months ending in January and shrank 8.8 percent in January only data. Pending sales were up 13.1 in the three-month view and up 18.3 percent in January alone. Months supply of inventory was down 12.8 percent to 7.6 months in January. Closed sales were equally strong with Units Sold up 15.4 for the quarter ending in January and an impressive 28 percent in January alone.

Home prices began the year on steady note. The Median sales price increased 4.7 percent to $116,213 in January.  Average sales price was up slightly for both the quarter and the month.

December 2011 - Market Update!

by The Worrell Group

Positive "transition" accurately characterizes central Indiana's housing market for 2011. This slow return to balance was aided by multi-decade low mortgage rates coupled with confidence creeping upward, each coalescing to form an attractive purchase environment. And buyers did just what their name implies. Momentum picked up noticeably in the second half of 2011. While Closed Sales for the year were up just 1.2 percent, the six-month review shows an 18.3 percent increase over the same time period in 2010. As a result, inventory levels in many locales have been driven down. For the month of December, Months Supply of Inventory ranks in at 7.7, by far the lowest number in over a year.

The last three months of activity ending in December shows Median Sales Price rising by 0.7 percent to $121,500 and Average Sales Price up over last year by 1.5 percent to $154,378.

Other three-month metrics continue to show positive movement. New Listings were down 13.4 percent, Pending Sales were up 12.2 percent and Closed Sales were up 11.7 percent to 4,437 for the three months ending in December. December-only data also showed a positive lean.

Ultimately, the upcoming spring market should be a major tell about the future direction of housing. Sellers are seeing multiple-offer situations; buyers are seeing sub-4.0 percent loans; supply-demand trends are more balanced. That's a stable foundation and a far cry from 2009.

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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

Randy Worrell  -  RE/MAX Legends Group       317-819-3330  Direct       317-590-5709  Mobile