September 2021 Market Watch
In September 2021 the statistics still show a strong market but definite softening, which is welcome news for buyers and First Time Homebuyers.
According to Dr Elliot Eisenberg, acclaimed Economist, the softening is showing through slowing home appreciation and inventory of available homes rising a bit. He believes the year-over-year comparisons are going to suffer when comparing stats simply because we were in such a heated market in the last half of 2020 due to COVID-19.
However, he says that as single family housing continues to attract investors, capital and Wall Street, it will ensure the housing market stays strong.
He anticipates that home price appreciation will be more at just below 10% instead of the crazy appreciation we have seen in the last couple of years.
Shelley Specchio, MIBOR CEO, says, “And, although inventory remains tight with 2,646 active listings, we are seeing an increase from where we were this spring and summer. These numbers, along with low interest rates, make this a great time to buy or sell and a REALTOR® is your best asset.”
September 2021 – Madison, Hancock & Hamilton Counties
Madison County Real Estate News
In Madison County, we definitely saw drops in a lot of the stats collected for September:
- Median Sales Price dropped 6.2% to $158,500 in Sept from $169,000 in August
- Closed Sales were down 8.3% from August (217) to 199
- New Listings are down 7.9%
- Pending Sales are also down 26.1%, a significant drop from 253 in August to 187 in September
A huge drop occurred in the number of Days on Market. They went from 32 Days in August 2021 to 19 Days for September 2021. That is a 40.6% drop!
This shows us there are definitely buyers out there and when you price it right, to match condition, the market will react swiftly!
Thought the Median Sales Price dropped month-over-month, the year-over-year stat shows a 13.2% increase over Sept 2020 and the Year to Date stat is still running at 15.6% increase over 2020.
Hancock County Real Estate Market News
We also saw dips in price, closed sales and pending sales in Hancock County for September. Days on Market are lower as well, meaning if priced right for the condition, homes are selling quickly!
- Median Sales Price dipped 10.7% to $259,995, down from $291,000 in August
- The number of Closed Sales dropped from 183 in August to 150 in September
- New Listings are also down, contributing to a tight inventory market. Down 7.3% to 164 Active Listings as compared to 177 in August
- The Absorption Rate rose by 40% from 0.5 months in August to 0.7 months in September
Pending Sales are down by 17.3% in September. These stats aren’t alarming since we do usually see a slow down in September with children back in school. The October numbers will be interesting to see if this was just a season slow down or the beginning of a more softening Seller’s Market.
We all know Buyers would love to see an advantage after the years long Seller’s Market we have had in Central Indiana.
Hamilton County Real Estate Market News
Hamilton County didn’t have as much movement as Madison and Hancock Counties though we do see some.
- Median Sale Price is only down 0.4%, from $365,000 in August to $363,000 in September
- Closed Sales also only moved by 1.6% lower than August. It ended the month at 681 Closed Sales vs 692 in August
- New Listings are down a mere 10% to 596 in September
- Days on Market actually increased by one day – from 16 Days in August to 17 Days in September
- The Absorption Rate remained steady at 0.4 months worth of inventory
Hamilton County continues to grow and attract buyers in the Central Indiana Real Estate Market. With cities like Noblesville and Fishers, it’s a great area, close to things to do yet still not urban Indianapolis.
It will be interesting to see where the numbers fall for the month of October!
