Metro Indy Real Estate Market Insights
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. In this report, MIBOR has separated townhouse/condo inventory and properties for lease from the aggregated totals. This decision was made to add clarity to the data as the single-family residential segment is typically the focus. However, as our research shows, walkable neighborhoods with mixed use property types is becoming a consumer preference and a good investment for municipalities. Given this information, we have added a section to the report to address condos and “condo lifestyle” as it is defined within our data.
To create a comprehensive view of the market, MIBOR has scheduled the data pull to happen on the 5th day of the month for the prior month. After review, the the completed reports are posted by the second Friday of the month at www.mibor.com/ marketinsights.
After analysis of the February 2021 data, this is what our experts are saying:
“The Indianapolis February median sales price of $223,500 was at an all-time February high and rose 18.9% over last year,” said Shelley Specchio, MBOR CEO. “In addition, active inventory dropped to an all-time low of just 1,577 listings. REALTORS® agree the steep dip in new listings and continued high demand make this an optimal time to consider listing your home. Talk to a REALTOR® today to learn what your home is worth and the many options available if you want to sell.
” Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says, “The economic forecast for 21Q1 continues to improve, with GDP likely to exceed 4.0%, resulting from strong retail sales, steadily rising vaccination rates, improving weather, and inventory rebuilding. The $1.9 trillion Biden stimulus will further boost the recovery, and as a result, economic growth should continue to improve and peak out in Q2 and Q3 at growth rates over 7%, with Q4 at a lower but still strong 4%. By mid-2021 GDP should be back to pre-pandemic levels, and CY2021 GDP should well exceed 5%, its best performance in almost 40 years.
” Year over Year data for February:
• Median sales price increased 18.9 percent to $223,500
• Average days on market decreased 44.1 percent to 33
• Current active listings decreased 59.8 percent to 1,577
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