Statewide housing market performs well; all eyes on jobs numbers for the remainder of the year.
(INDIANAPOLIS, IN) – With today’s release of their monthly Indiana Real Estate Markets Report, REALTORS® report that the statewide housing market performed well during May and that a number of encouraging patterns have taken hold.
For example:
• The median sale price of homes is in its sixth consecutive month of year-over-year increases and back to a level
not seen since 2007.
• The number of pending home sales is also at a five-year high, excluding March and April of 2010, the two months
immediately prior to the expiration of the federal home buyer tax credit.
• The number of closed home sales is in its 11th consecutive month of year-over-year increases with 2012 on track
to surpass years in which a tax credit was available.
• Sellers are seeing a greater share of their list price.
“Pent-up demand and continued low interest rates are the two main reasons May, just like April, was one of the best months the statewide housing market has seen in years,” said Karl Berron, Chief Executive Officer of the Indiana Association of REALTORS®. “Plus, home values across Indiana have historically held value, so real estate here is still viewed as a wise investment.
“The demand will only be sustained if Hoosiers are working and confident in their long-term employment,” continued Berron. “So we are listening for economic development plans and watching jobs numbers closely.”
Getting back to the traditional year-over-year comparisons of the Indiana Real Estate Markets Report, statewide, when comparing May 2012 to May 2011:
• The number of closed home sales increased 17.1 percent to 6,478;
• The median sale price of those homes increased 6.1 percent to $122,000;
• The average sale price increased 6.1 percent to $144,442;
• The number of pending home sales increased 12.6 percent to 6,411;
• The number of new listings increased 2.9 percent to 11,309; and
• The percent of original list price received increased 1.1 percent to 91.7 percent.
Anyone looking to buy or invest should start with the sortable county tables of this report and then talk to a local REALTOR® who can give the most insight into what’s happening in a neighborhood, city or school district.
At North Eastern Group Realty, we are prepared to assist our clients with their significant Fort Wayne real estate decisions. Our corporate commitment is to provide real knowledge, proven experience and professional, quality service. To search all Fort Wayne homes for sale or find a Fort Wayne REALTOR, visit our website at NorthEasternGroup.com.
North Eastern Group Realty is Fort Wayne’s largest independent real estate company located at 10808 La Cabreah Lane, Fort Wayne, IN 46845.
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