The following info is compiled by our own Metropolitan Indianapolis Board of Realtors for Central Indiana. Remember that Real Estate is LOCAL - so get your news here - not from the national media.The 3rd Quarter provided the brightest picture of the year for central Indiana's housing consumers. Closed Sales were up 24.1%. Both Median and Average Sales Prices rose 4.1% in the quarter, consistent with the price stability seen all year. New Listings were down 15% in the 3rd quarter which helped to bring inventory levels down 7.7%. Months of Supply of Inventory still stands higher than sellers would like at 9.9 for the quarter.
This market stability coupled with the favorale mortgage environment is good news for both buyers and sellers. To keep momentum going into the final months of 2011, housing experts will pin hopes on more positive jobs news.
It's been said that trying to describe the national housing market is akin to trying to summarize the national weather forecast. There is no such thing. While national averages may have their place in some scenarios, truly all real estate is local.