The Metropolitan Indianapolis Board of Realtors (MIBOR) has just released it's figures for the month of May.
New listings for the area increased 15.6 percent in May and were up 5.6 percent for the quarter ending in May. Pending sales up 18.9 percent for the three month period and closed sales increased 23.7 percent. However, this caused a decrease in inventory levels by 16.5 percent over the same period.
We did see prices increase along with the increase in sales. The Median Sales Price increased 2.3 percent to $132,500 for the 2nd quarter while the supply of inventory decreased 30.4 percent to 5.6 months.
Interest rates have begun to tick upward but still remain at extremely low levels keeping home ownership attainable.
Specifically for the month, pending sales were up 24.1 percent over last year with closed sales up 30.6 percent. The average sales price has increased by 4.5 percent over 2012.
Home inventory has decreased by 15.9 percent which has lowered the months of home inventory from 8.1 months to 5.6 months.
If you would like more specific information about the market in your county or neighborhood, please let me know.
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