INDIANAPOLIS – Housing data released today for November 2011 showed continued growth in central Indiana, including increased home prices and a rising number of closed sales, according to data in a jointly released report from the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Indiana Association of REALTORS® (IAR).

In central Indiana, the average sales price of homes increased by 5.9 percent to $159,846 during September-November 2011 when compared to the same three month period last year. Average sales price also rose in the one month comparison of November 2011 and November 2010 by 5.1 percent to $158,489. Median sales price during September-November 2011 experienced an increase of 4.1 percent to $124,900. November-only numbers decreased 3.2 percent to $120,001. 

The number of closed sales in central Indiana increased by 13 percent in the three-month comparison, while closed sales for November showed a 15.2 percent increase in comparison with 2010. 

Pending sales continued to increase, up 6 percent for September-November 2011, and 11.9 percent in the one month comparison. Pending sales reflect signed purchase agreements that have yet to close. 

Statewide, activity was high in November with both the number of closed and pending home sales up by double digits year-over-year. Comparing November 2011 to November 2010:

• The number of closed home sales increased 14.2 percent to 4,411.
• The number of pending home sales increased 10.4 percent to 3,959.

Prices did not follow that trend. Both the statewide median and average price of homes sold in November 2011 was less than in November 2010, but just slightly:

• The median sale price of homes decreased 1.8 percent to $110,000.
• The average sale price of homes decreased 0.2 percent to $132,949.

“We’re close to being able to say that 2011 was better than the last two years,” said Karl Berron, IAR’s chief executive officer. “Local housing markets may not be making progress as quickly as we’d like, but they’re making progress and that’s good news for everyone.”

With regard to the slight dip in prices, Berron said REALTORS® were not concerned because year-to-date, the median sale price of homes in Indiana is actually up when compared to 2010 and 2009 and so is the average sale price.

Additional key central Indiana findings for September- November 2011: 

• New listings decreased by 10.7 percent during the three month comparison.
• Months of supply decreased to 9 months during September-November 2011.
• Total active listings fell by 8.2 percent.

“Housing activity in central Indiana is showing steady growth through the end of the fourth quarter,” said Dave Goff, 2011 MIBOR president. “This year has been one of gradual but consistent progress in the housing market. It has been a good trend that puts buyers and sellers on stable ground as we head into the new year.”

The attached data will tell consumers how the central Indiana housing market is performing according to eight different indicators. Each indicator will have one-, three-, six- and 12-month comparisons, as well as a historical look. Consumers will also have access to specific county information for the 13 counties included in MIBOR’s Broker Listing Cooperative® (BLC®): Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby counties.

IAR’s report, found online under the Reports tab of www.IndianaIsHome.com, will show consumers the state of Indiana’s housing market according to the same indicators with one-month and year-to-date comparisons, as well as a historical look. Consumers will also have access to specific county information for 91 of Indiana’s 92 counties in a sortable table format. 

This information has been provided by MIBOR, the professional association representing central Indiana's REALTORS®. MIBOR serves the needs of more than 6,000 members in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Montgomery, Morgan and Shelby counties. MIBOR also supplies the BLC® listing service to REALTORS® in Decatur, Madison and Putnam counties. MIBOR’s archive of housing data can be found at www.mibor.com. 

IAR represents approximately 15,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of America’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.