The bean counters just finished tabulating what took place in the local real estate market this past year. And (to nobody’s surprise) the MIBOR Realtor Association reported both sales and prices of single-family homes in central Indiana were on the rise.
Closed sales totaled 35,423 for the twelve months, up 10% over the previous year. The total number even surpassed the peak of the last bubble in 2006.
On the other hand, new listings were up a scant 1% in 2016. Now, you put together surging sales with flat new listings, and the resulting increase in median sales price is no surprise, rising 5% to $154,000 in 2016.
Nevertheless, Indy (and central Indiana) remains one of the most affordable places to live. Witness, US News magazine named Indianapolis #5 on this year’s list of The 20 Best Affordable Places to Live in the US and MarketCrashers.com accorded it the #2 slot on their list of Most Affordable Cities to Live In. Affordability is a great thing— for both the people living here and for the long-term health of the metro area.
On the down side, the local housing market is very tight, with limited inventory available. Houses for sale at year end numbered just 8,946 (down 14% from a year earlier). And with close to 3,000 buyers nailing down purchase contracts even in the slow month of December, that leaves buyers with limited choices. Now, if you’d like a lil’ coaching on how to successfully navigate this competitive marketplace, call me. I work harder to make good things happen!