July 2021 Local Market
For July 2021, the 16 County Metro Indianapolis market is still very strong, according to Dr. Elliot Eisenberg, Economist.
We did see a slight softening, where closed sales were down both month over month and year over year. However, new listings have increased 3.8% over last year and is the highest July level in a decade.
Full Report at MIBOR.com
The Absorption Rate increased from .50 to .70 in July. This means, if no other homes come on the market, we would sell through the existing inventory for sale in .70 of a month – still a definite Seller’s Market where demand is higher than supply.
Days on Market held steady at 14, a 54.8% decrease over the 31 Days on Market stat from 2020. Percent of Asking price is still over 100% in July at 101.6%.
Madison, Hancock & Hamilton Counties
Madison County Real Estate Market News
In July, the Madison County Median Sales Price dipped a bit from June. It is now $162,500, down from $170,000 in last month. Closed Sales also decreased from 218 in June to 208 in July.
New Listings and Pending sales are up from July! Here are some of the other highlights:
- New Listings are 264, compared to 255 in June. An increase of 3.5%
- Pending Sales are at 236 vs 198 in June for a 19.2% increase.
- Days on Market rose a little from 13 in June to 15 in July.
The Absorption Rate rose 28.6% in July. We had inventory of 145 homes for sale in June and finished July with 179 homes for sale.
Still a very positive market in Madison County!
Hancock County Real Estate Market News
Hancock County saw a pretty big increase in Median Sales Price in July after dipping a little in June. It’s now actually higher than it was in May.
- Median Sales Price: $280,500, up from $261,500 in June (+7.3%)
- Closed Sales were up 9.1% over June
- New Listings were down 8.9%
- Pending Sales were up 14.4% from June
- Days on Market to 12 Days
In July, Hancock County saw a 20% drop in the Absorption Rate landing at .40 over .50 from June.
Hamilton County Real Estate Market News
Hamilton County saw decreases in a few different stats during the month of July 2021. Most notable are:
- Median Sales Price is down from $380,000 to $375,000. That’s a drop of 1.3% month to month.
- Days on Market increased slightly from 13 to 14 Days in July
- Pending Sales decreased from 734 to 706, a 3.8% drop
- Active inventory actually increased from 277 to 311, a 12.3% increase.
Absorption Rate in Hamilton County held steady at .40 for the month of July. The decreases are not totally unexpected. July and August can be strange months with vacations and kids out of school. This year, with the country starting to re-open more from the Pandemic, more people are taking vacations since they were put on hold last year.
