Housing Stats – March 2021

The Metropolitan Indianapolis Board of Realtors (MIBOR) has released the housing stats for our local area for March.

As expected, home sales are continuing to grow as we enter the Spring 2021 Housing Market. Month over month shows increases in all but Days on Market and inventory. No surprise there!

Let’s take a closer look…

March 2021 Housing Stats

Click to enlarge

The market snapshot above tells the all to familiar story of the Seller’s Market we are experiencing. The average sale price is still increasing due to there not being enough inventory of existing homes to satisfy the demand.

Days on Market continues to decrease because homes are selling at lightning speed. Multiple offers at thousands over asking price are starting to be the norm in this unprecedented market.

Experts are saying they expect stellar growth in the economy, overall, through the 2nd and 3rd quarters of 2021. By 4th quarter they are saying it may return to a more normal growth trend – but that all depends on the consumer!

More Notable Housing Statistics

Most all tracked stats saw and increase from February 2021 to March 2021.

• Median Sales price increased 1.6% to $233,000
• Closed Sales increased 21.7%
• New listings rose 52% from Feb to Mar
• Pending Sales was 42.1% higher
• Price per Sq Ft also increased to $133 over the $130 in February

Stats that saw a decease include the number of days on market before selling, active inventory and the absorption rate.

• Days on Market fell 25.8% from 31 to 23 days
• Active Inventory in March was 1,562, down 1.5% over February’s 1,585
• The Absorption rate also fell to 0.6 from 0.7 in February

Remember, the Absorption Rate is the amount of time it would take to sell through the active homes for sale if no more came on the market. It’s been less than a month for quite a while now!

Hyper Local Stats

While the above statistics are for the 16 county area MIBOR covers, here are the statistics for our immediate area:

Madison Co

• • Median Sales Price – $134,900
  • Active Inventory – 81
  • Absorption Rate – .05 of a month

Hancock Co

• • Median Sales Price – $249,500
  • Active Inventory – 54
  • Absorption Rate – .05 of a month

Hamilton Co

• • Median Sales Price – $339,000
  • Active Inventory – 216
  • Absorption Rate – .05 of a month

Historic Seller’s Market

Yes, this market is historic. We’ve had seller’s markets in the past but this one is the longest running on record.

Basically, if you have equity in your home (like the majority of homeowners who enjoy 20%+ in equity right now), NOW is the time to sell for top dollar.

We’ve had many clients go ahead and sell now so they could cash in on this and then rent for a year. The plan is to buy as the market starts to adjust to a more balanced market so their money is working for them.

Are you ready to take the plunge? Find out what your home is worth in today’s market by giving The Real Estate Pros team a call today. You may have more equity than you think! 

317-572-5589