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Strong Turnaround in the Indiana Housing Market

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The monthly Indiana Real Estate Markets Report today released by the state’s REALTORS® also provides year-end data which shows that 2012 was a strong turnaround year for Indiana housing markets.
Statewide, there were 8,531 more homes sold in 2012 than in 2011 – a 14.7 percent increase year-over-year. The median price of all 66,516 homes sold in Indiana last year was $118,000, which is 4.5 percent more than the median price of all homes sold in 2011 ($112,900). The average price of all homes sold last year was $140,043, which is a 3.6 percent increase over 2011 ($135,183).
“Housing markets in Indiana have decidedly turned the corner away from the worst of the recession,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “Statewide, market activity and home prices were better each month of 2012 than the year before, and the year as a whole was better than the last two years. But the biggest story of this report is that homes have not only held their value, but also made price gains to levels not seen since the recession began.
“Realtors have every reason to believe that buyer demand will maintain the momentum throughout 2013,” continued Berron. “Continued economic growth and cheap borrowing costs will insure it.”
Getting back to the traditional year-over-year comparisons of the report, statewide, when comparing December 20 12 to December 2011, the following occurred:
• The number of closed home sales increased 8.3 percent to 4,975,
• The median sale price of those homes increased 5.5 percent to $116,000,
• The average sale price increased nine percent to $139,969,
• The percent of original list price received increased 1.4 percent to 90.4 percent,
• The number of pending home sales increased 9.1 percent to 3,842, and
• The number of new listings decreased four percent to 5,199.
  
The good news made last month is part of a larger trend; December 2012 marked the following consecutive year-over-year gains in home prices and market activity:
•  The number of closed home sales has increased year-over-year for 18 consecutive months,
• The median sale price of homes has increased for 13 consecutive months,
• The average sale price has increased for 12 consecutive months,
• Sellers received a greater share of their original list price for the 10th consecutive month, and
• The number of pending home sales has increased for 15 consecutive months.
Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district.
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(Artcile provided by Indiana Association of realtors)
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