August 2021 Market Watch
August 2021 statistics show an all time high in Pending Sales! There were some decreases this month, but slight.
According to Shelley Specchio, MIBOR CEO and Dr Elliot Eisenberg, Economist, the don’t see any statistics that show material weakness in the Metro Indianapolis market.
With historic low interest rates and great equity, the market remains a good time to sell and buy in Central Indiana.
Full Report at MIBOR.com
Absorption Rate remained at .70 for August. So, if no other homes come on the market, we would sell through the existing inventory for sale in less than a month.
Active Inventory for our local real estate market is 2,493 homes, down 1.1% from 2,521 in July. We are still seeing just over list price at 101% for the Sales Price Received vs Asking Price.
Overall, we have a very strong market in Indiana!
August 2021 – Madison, Hancock & Hamilton Counties
Madison County Real Estate Market News
Madison County saw increases in lot of metrics in June including:
- Median Sales Price: An increase of 4.6% to $169,500 from July when we were at $162,000.
- Closed Sales were up slightly by 1.4%
- New Listings took a hit in August and dropped by 14.8% to 225 vs July when there were 264
- Active Inventory also fell significantly by 22.8% to 139 homes on the market in contrast to 180 homes on the market in July
Madison County home owners are still seeing an increase in equity of their homes. It’s a good time to cash out that equity and sell while the mortgage rates are low for buyers making it attractive to them!
We never know when the pendulum with start swinging the other way. We do know that home values cannot continue to increase at the rate they have in the last year to 18 months. Don’t get caught behind the 8 ball!
Hancock County Real Estate Market News
As with Madison County, Hancock County saw an increase in Median Sales Price in August. After dipping in June, it’s come back again in July and August.
- Median Sales Price: $288,520 up 2.7% from July when it was $281,000
- Closed Sales were down slightly in August by 1.7% to 178 from 181
- New Listings were virtually unchanged from July
- Pending Sales jumped up by 4.1% from July
- Days on Market also jumped from 12 in July to 14 Days in August
The Absorption Rate for Hancock County held steady at .50, half a months worth of inventory.
Hamilton County Real Estate Market News
Hamilton County saw decreases in some of its statistics again this month signaling a slight softening in the county.
- Median Sales Price dropped 2.7% to $365,000 from July when it was at $375,000
- Days on Market took a hop from 14 in July to 16 in August
- Closed Sales & New Listings both decreased by 6.1% and 8.9%, respectively
- Active inventory is setting at 273 homes at the end of August, down from 311 in July
Absorption Rate in Hamilton County held at .40 again this month. Supply is low but demand is still there, even if not as high as the past few months.
