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