Central Indiana Housing Market Remained Flat in 2011

INDIANAPOLIS, IND. – January 25, 2012 – (RealEstateRama) — According to the latest housing data compiled by RE/MAX of Indiana, the Central Indiana real estate market remained flat throughout 2011 compared to 2010. The nine-county area reported a 0.99-percent decrease in homes sold at 22,070 units, and a decrease in the median sold price by 0.34 percent to $118,500.

The data represents actual homes sold, or closed during 2011, rather than pended sales agreements.

While Central Indiana home sales as a whole remained flat in 2011, analysis of individual markets indicated some signs of growth. Buyers in Boone County (9.57 percent) and Hendricks County (8.41 percent) fueled modest increases in units sold in 2011 compared to 2010. Buyers in Hamilton County had less to cheer about, with an increase of only 1.42 percent, while buyers in Marion County saw the number of homes sold decrease by 5.4 percent in 2011.

Central Indiana (Jan.-Dec.)

2010 Homes Sold = 22,290
2011 Homes Sold = 22,070
% of Growth = -0.99%

2010 Median Sold Price = $118,900
2011 Median Sold Price = $118,500
% of Growth = -0.34%

2010 Days on Market = 86
2011 Days on Market = 104
% of Growth = 20.47%

Results from the RE/MAX report on Central Indiana were consistent with available data on Indiana as a whole. The statewide housing market also remained flat in 2011, compared to 2010, with a slight decrease in homes sold of 0.2 percent for year-to-date sales through November of last year. During the same time period, the median sold price for Indiana homes increased by 0.4 percent to $113,000, according to the Indiana Association of REALTORS®.

Despite the report of stagnant home sales in 2011, predictions for the U.S. housing market in 2012 are looking increasingly optimistic. Moody’s Analytics is predicting a 12-percent increase in sales of existing homes, and a 74-percent increase in new home sales.

Indiana is ready for its own share of that growth.

“If any state is poised to take advantage of the winds driving economic change, it’s Indiana,” said Dan Breault, executive vice president, regional director of RE/MAX of Indiana. “With our stable economy and a business-friendly environment that can lead to greater job creation, I predict consumer confidence among Hoosiers is likely to translate into stronger home sales for 2012.”

Breault pointed to national figures on unemployment showing modest improvements, along with greater consumer spending over the holidays, an indicator that he thinks is good for home buyers and sellers in Indiana.

Source: Data compiled by RE Stats and acquired by Metropolitan Indianapolis Board of REALTORS® represents all closed sales reported by January 9, 2012. Not all data may be represented.

About RE/MAX of Indiana:
RE/MAX of Indiana is Hoosiers’ real estate market leader with $2.3 billion in annual sales, over 80 offices and nearly 1,200 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, “nobody sells more real estate than RE/MAX.” Visit www.remax-indiana.com for more information, and follow us on Facebook at www.facebook.com/remaxofindiana and on Twitter at www.twitter.com/remaxofindiana.

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RE/MAX of Indiana is Hoosiers’ real estate market leader with $2.3 billion in annual sales, over 80 offices and nearly 1,200 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, “nobody sells more real estate than RE/MAX.” Visit www.remax-indiana.com for more information, and follow us on Facebook at www.facebook.com/remaxofindiana and on Twitter at www.twitter.com/remaxofindiana.

Contact:

Phone: 317.845.2005

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