REALTORS® RELEASE INDIANA REAL ESTATE MARKETS REPORT FOR DECEMBER 2011
Report closes door on 2011, shows year better than 2010 with regard to activity and home prices
(INDIANAPOLIS, IN) – The monthly Indiana Real Estate Markets Report today released by the Indiana Association of REALTORS® also provides year-end data which shows that 2011 was better than the year before with regard to activity and home prices.
Statewide, there were 220 more homes sold in 2011 than in 2010. The median price of all 57,985 homes sold in Indiana last year was $112,900, which is 0.8 percent more than the median price of all homes sold in 2010. The average price of all homes sold last year was $135,183, which is a 1.7 percent increase over 2010.
“Local housing markets are making some progress,” said Karl Berron, Chief Executive Officer. “This is good news even if we’d like to press the accelerator.”
Statewide, when comparing December 2011 to December 2010:
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The number of closed sales increased 7.1 percent to 4,592; The median sale price of homes increased 0.9 percent to $110,000; and The average sale price of homes decreased 3.3 percent to $128,422.
“For 2012 to realize growth or just continue this slight, but steady progress, four things need to happen,” continued Berron. “One, Hoosiers must be working. Two, they must be confident in their prolonged employment. Three, qualified buyers must have access to available financing. And four, the foreclosure inventory must decrease so as to relieve that downward pressure on prices.
“Regardless, it is difficult to ignore that home prices here in Indiana have historically held their ground and interest rates are at the lowest in most memories. 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,” concluded Berron.