04/13/2020
MIBOR information for March 2020
Surprisingly strong!
MARCH 2020 MARKET REPORT
https://editor.des05.com/vo/?FileID=9f63d646-77b0-494e-bc6a-5a82e0d9c2da&m=b3204934-1f38-4e7e-a48f-8d1135e8402b&MailID=39435798&listid=70279&RecipientID=19172010584
Housing data released by the MIBOR BLC® comparing February 2019 to February 2020 shows:
An increase in Median Sales Price of 14.8 percent to $209,000
An increase in Closed Sales of 5.8 percent to 2,903
New Listings increased 1.5 percent to 3,636
“Despite COVID-19, March set new records as activity in the early part of the month was so strong it compensated for the post “stay-at-home” slowdown,” said Shelley Specchio, MIBOR CEO. “For the month, sales were up 5.8% over last year and the median sales price rose to $209,000, an all-time record high price. However, with the impact of COVID-19 beginning to take hold, its uncertain as to how it will affect the real estate market moving forward.”
“REALTORS® are working hard to provide new home buying and selling experiences.Real estate services are now being conducted virtually, including virtual showings.The housing market is open for business and REALTORS® are ready to help,however it is not business as usual as we all adapt during these times.”
Dr. Elliot Eisenberg, an internationally acclaimed economist and public speaker says,“Because of Indianapolis’ reasonably diverse economy and large employment in the health, pharmaceutical and technology sectors, it should be somewhat protected from the worst of the post-Covid impacts, outside of the obvious impacts on tourism.”Eisenberg goes on to say, “Looking forward, I expect to see meaningful declines in housing activity in April, and when stay-at-home orders are lifted, sales will somewhat rebound. Hopefully, 20Q2 will soon be remembered as a small blip in another wise secular good housing market.”
NATIONAL MARKET
EXISTING-HOME SALES DATA
NAR releases national and regional existing-home sales price and volume statistics on or about the 25th of each month. Each report includes data for 12 months and annual totals going back three years. Reports are available for existing single-family homes, condos , and co-ops. Both median and average prices are included.
MORTGAGE NEWS
As reported by the Indianapolis Business Journal Real Estate Weekly, The average rate for 30-year mortgages fell from 3.5% to 3.33% in the week ended April 2, according to FreddieMac. The rate for 15-year mortgages fell from 2.92% to 2.82%.
MIBOR MARKET INSIGHTS
The housing market is one of the largest and most important sectors of the U.S. economy. To understand the trends one must analyze both month-over-month and year-over-year. MIBOR provides the data and tools to our members to do just that.
MIBOR Market Insights provides monthly reporting on our 16 county service area, as well as an interactive tool that provides agents the flexibility to visually analyze market conditions at a glance and filter market reports specific to each clients unique situation.
