Local Market Review: May Housing Data Shows Increases In Prices And Slowing Sales Activity
New housing data released this week shows an increase in pending sales of 6.0 percent, while closed sales dropped 2.1 percent.
For the tenth month, Bartholomew and Jennings counties are included in the central Indiana region covered by MIBOR bringing the data count from 13 counties to 15 counties. That addition in May does prevent a true May to May comparison, however, in May the total number of closed sales in both counties combined was 159 of the region’s 3,673 closed sales.
Sale prices for May are on the rise. The median sales price increased by 5.7 percent to $168,000 and average sales price up 6.4 percent to $202,984. For the quarter ending in May, median sales price is up 5.9 percent and average sales price increased 5.2 percent.
Months of inventory is unchanged at 3.0 months.
As with April, May saw a substantial increase in prices for central Indiana. Although we continue to battle low inventory, optimism remains high for a successful summer of buying and selling real estate.