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