Real Estate Information Archive

Blog

Displaying blog entries 1-10 of 144

October 2019 - Market Activity

by The Worrell Group

October 2019

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.

To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the year-over-year analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/ condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the single family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our BLC® listing service.

“In October we saw current prices exceed the all-time highs of summer 2018. As well, this month posted the fifth highest monthly price ever, and we have not seen a decline in year-over-year prices in more than seven years," says Shelley Specchio. "However, sales activity has been showing slight increases, which is a definite improvement over the recent past."

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, said this about the central Indiana increase in sales activity, "Lower interest rates, by increasing affordibility, seem to be encouraging a bit more sales activity.”

Year over year data for October:

• Median sales price increased 9.2 percent to $191,150

• Average days on market decreased 8.5 percent to 43

• Current active listings decreased to 6,499

September 2019 - Market Activity

by The Worrell Group

September 2019

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data. 

To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the year-over-year analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/ condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the single family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our BLC® listing service. 

“The story this month continues to be the lack of housing inventory in the central Indiana market,” says Shelley Specchio, MIBOR CEO. “However, pending sales are up when they typically decrease this time of year, giving us more proof that there is still an unrelenting demand for homes.” 

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, said this about the central Indiana market, " You simply aren’t building enough homes in your area to meet the need. You went from an inventory of nearly 10,000 listings in September of 2016 to 6,300 active listings last month.” 

Year over year data for September: 

• Median sales price increased 5.5 percent to $189,900 

• Average days on market unchanged at 40 

• Current active listings decreased to 6,341

 

August 2019 - Market Activity

by Randy Worrell Team

August 2019

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this new Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.

To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the yearover-year analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the single family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our BLC® listing service.

"Typical to what we have seen for the last several months, all supply and demand interaction metrics remain very high while inventory continues to decline," said Shelley Specchio, MIBOR CEO. "However, sales activity in the region continues to climb giving us hope for the winter months ahead."

Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker, commented, "Nationally, despite record prices, buyers remain eager to purchase, partly because both unemployment and mortgage rates are low. Demand, as measured by sales and pending sales, remains strong."

Year over year data for August:

• Median sales price increased 9.9 percent to $199,000

• Average days on market unchanged at 38

• Current active listings decreased to 6,273

July 2019 - Market Activity

by The Worrell Group

Market Activity 

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this new Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.

To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the year-over-year analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the single family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our BLC® listing service.

For the third month in a row, median sales price has hit a price record at $200,295 - a 10.1% increase from July 2018. Outside of price, all other changes are relatively small, however, after three months of decline, closed sales did increase 3.6% over last year to 3,582. This is a welcomed sign for both buyers and sellers alike.

Year over year data for July:

• Median sales price increased 10.1 percent to $200,295

• Average days on market unchanged at 36

• Current active listings decreased to 6,015

June 2019 - Market Activity

by The Worrell Group

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this new Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data.

Median sales prices grew more than five percent year over year and have now reached an all time high at nearly $200,000. This growth rate is opposite to what we are seeing nationally and undoubtedly being aided by the recent decline in mortgage rates. These factors, along with low inventory, make for a highly competitive market even compared to what we are seeing nationally. As our market heats up, potential buyers and sellers should look to their REALTOR® for guidance.

Year over year data for June: • Median sales price increased 5.2 percent to $199,900 • Average days on market decreased to 34 • Current active listings increase to 5,731

Market Activity - May 2019

by The Worrell Group

May 2019 

The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends within the market one must analyze activity both month-over-month and year-over-year. In this new Market Insights Report, MIBOR REALTOR® Association (MIBOR) provides a market analysis of the 16 central Indiana counties within the MIBOR service area by creating a single, timely, reliable source of data. 

To create a comprehensive view of the market, small changes have been made to the Market Insights Report that will affect the year-overyear analysis over the next 12 months. In prior reports, data for the MIBOR Broker Listing Cooperative® (BLC®) listing service was pulled on the 12th business day for the prior month's data. After analyzing data input, MIBOR has updated the data pull to happen between the 5th and 7th day of the month for the prior month, allowing market data to be published much sooner. Additionally, in the new report MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. Separating other segments from the report will add clarity to the data as the singe-family residential segment is typically the focus. Finally, in March 2019, MIBOR added historical and current data from Jackson County as we welcomed them as members of our BLC® listing service. 
 
Statistics show a strong indication that prices are beginning to stabilize, which is a welcomed notion for buyers. Last year at this time, median sales prices were increasing in the double digits, now growth is half to a third of that. Additionally, closed price to original listing price had been growing for over 6 years (May 2012 - October 18), but since November 2018 that has steadily declined.
 
 Year over Year data for May: 
• Median sales price increase 3.2% to $196,000
• Average days on market was unchanged at 36 
• Current active listings increase to 5,431

March 2019 - Market Activity

by The Worrell Group

March 2019

In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year's marks were already quite low. 

 
Closed Sales were down 3.6 percent to 2,859. Pending Sales decreased 14.7 percent to 3,653, and Inventory grew 8.8 percent to 6,212. 
 
Median Sales Price was up 4.9 percent to $182,000. Percent of Original List Price Received decreased 0.4 percent to 95.5%. Absorption Rate was up 5.3 percent to 2.0. 
 
The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

February Market Update - 2019

by The Worrell Group

Market Update - 2019

It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

Closed Sales were down 2.8 percent to 2,086. Pending Sales increased 10.6 percent to 2,786, and Inventory shrank 5.8 percent to 6,447.

Median Sales Price was up 3.8 percent to $173,900. Percent of Original List Price Received decreased 0.6 percent to 94.6%. Absorption Rate was down 4.5 percent to 2.1.

The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.

January 2019 Market Update

by The Worrell Group

January 2019

Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.

Closed Sales were down 8.3 percent to 1,744. Pending Sales increased 17.1 percent to 2,595, and Inventory shrank 5.5 percent to 6,681.

Median Sales Price was up 7.5 percent to $169,900. Percent of Original List Price Received decreased 1.0 percent to 93.8%. Absorption Rate was down 4.3 percent to 2.2.

While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.

December 2018 - Market Activity

by The Worrell Group

December 2018

Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in 2019. This may apply some downward pressure on prices for beleaguered home buyers. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer. 

 
Closed Sales were down 6.6 percent to 2,589. Pending Sales increased 2.3 percent to 2,059, and Inventory shrank 4.0 percent to 7,016. 
 
Median Sales Price was up 6.7 percent to $176,000. Percent of Original List Price Received decreased 0.5 percent to 94.4%. Absorption Rate was down 4.2 percent to 2.3. 
 
Unemployment rates remained remarkably low again in 2018, and wages continued to improve for many U.S. households. It is generally good for all parties involved in real estate transactions when wages grow, but the percentage of increase, on average, has not kept pace with home price increases. This created an affordability crux in the second half of 2018. Housing affordability will remain an important storyline in 2019. 

Displaying blog entries 1-10 of 144

Syndication

Categories

Archives

Contact Information

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