Real Estate Market Analysis from MIBOR
(Metropolitan Indianapolis Board of Realtors)
“In March we saw pending sales increase 12.6% compared to last year at this time, setting the stage for strong spring market,” said Shelley Specchio, MIBOR CEO. “Over the next several months we are likely to see large year-over-year increases in sales numbers compared to April and May of 2020, the early months of the pandemic when activity collapsed. Nevertheless, buyers are still showing up, making this a great time for sellers to talk to their REALTOR®.”
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “Despite early predictions of a grim first quarter, economic forecasts continuously improved and 21Q1 GDP growth is likely to exceed 5%. This builds on the most recent upward revision to 20Q4 which put overall 2020 GDP growth at -3.5%. At this point, with the combination of the $1.9 trillion American Rescue Plan, improving vaccination rates, substantial pent-up demand, and a large amount of forced savings from last year, there is no real reason to expect anything less than absolutely stellar growth in Q2 and Q3 2021, perhaps as high as 8.5%. By 21Q4, we will likely see slower growth and begin to see a return to trend growth.”
Year over Year data for March:
• Median sales price increased 8.4 percent to $226,500
• Average days on market decreased 41.0 percent to 23
• Current active listings decreased 61.6 percent to 1,562
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