March 2013 housing data released by MIBOR today shows a continuing increase in closed and pending sales in central Indiana. According to the MIBOR Monthly Indicators Report, the number of closed sales in central Indiana increased 20.4 percent in March 2013 compared to March of a year ago. Closed sales rose 23.4 percent in the quarter ending in March 2013 when compared to the same three-month period last year. 

Pending sales kept pace by increasing by 9.7 percent for the month and 16.1 percent in the quarterly comparison.  

Sales prices are stable with median sales price up 1.0 percent for the month and 2.1 percent for the quarter.  Average sales price followed suit; up 1.6 percent in March and 3.5 percent for the quarter ending in March. The current average sales price in central Indiana is $151,444; median sales price is $121,000.

Consistent with last month’s news, months of inventory stands at 5.5 months.