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Sales of existing homes in central Indiana fell 19.4% in April—the 15th straight month that sales have decreased on a year-over-year basis.
Closed sales of existing homes in the 16-county area in April totaled 2,447, down from 3,037 in the same month of 2022, according to the latest monthly data from the MIBOR Realtor Association.
Meanwhile, the median sales price for a house in the area for April was $290,000, up 5.5% from $275,000 in the same period of 2022.
The active inventory of homes was up 24.2%, from 2,236 in April 2022 to 2,778 in April 2023, but that number was down 15.7% from March.
There were 3,926 new listings in April, down 26.6% from a year ago and 1.9% from the previous month.
Homes are spending much more time on the market than a year ago, from 51 days last month compared with 15 days in April 2022. On average, sellers received 98.9% of their asking price last month, down from 102.1% a year ago.
“While other markets throughout the country are experiencing price declines, the central Indiana market continues to produce year-over-year appreciation …,” said Shelley Specchio, CEO of MIBOR, in written remarks. “Still, consumers are feeling the effects of higher mortgage rates.”
Marion County
In Marion County, closed sales in April fell 19.4% from the previous year, to 959.
The median sales price in the county dipped 1.5% from a year ago, to $235,000.
Other area counties
In Hamilton County, sales decreased 12.8% in April on a year-over-year basis, to 408. The median sales price in the county rose 7.3%, to $449,995.
In Hendricks County, sales were down 28.5ww%w, to 171, and the median sales price increased 2.2%, to $332,000.
In Johnson County, sales fell 10.6%, to 195, and the median sales price rose 5.4%, to $295,000.
Sales dropped 5.1% in Madison County, to 149. The median sales price rose 34.5%, to $222,000.
Hancock County sales dropped 7.2% in April, to 128. The median price ticked up 0.9%, to $319,998.
Sales in Boone County fell 22.2%, to 91, while the median price of a home fell 9%, to $368,500.
Morgan County sales sank 40.8%, to 71, and the median sales price ticked up 1.7%, to $264,900.
Shelby County saw a 25% drop in closed sales, to 39. The median price rose 9.9%, to $219,900.
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I’ve found a more useful tool in determining the health of the real estate market is Months of Available Inventory. Take the number of homes currently for sale and divide by the number of homes that had accepted offers (not necessarily closed) in the previous thirty days. Indianapolis and the contiguous counties currently have just under one month (.95%) of inventory. A seller’s market is generally considered to be 0-3 months, a balanced market is 4-6 months, and a buyer’s market is anything above that. We are still in a seller’s market, just a little less so than last year.
100%, it’s so unbalanced right now.