HOUSING TRENDS IN CENTRAL INDIANA
According to data collected by the Metropolitan Indianapolis Board of Realtor, the central Indiana housing market is continuing to show improvement. Indiana was one of eight states hit the hardest by the economic fallout according to the Indiana Association for Community Economic Development. It is welcomed news to see that central Indiana is improving. New listings rose 13.4 percent from February 2015. The rise resulted in a 17 percent increase for the previous 3 months ending in February.
Closed sales rose 12.6 percent in February and the median sales price increased by 5.3 percent in February as well. The average sales price in Marion County from December 2014 to February 2015 increased 5.6 percent, raising feom $126,813 to $133,880. Comparing February 2015 average sales price in Marion County to February 2014, there was a 10.4 percent increase. Hamilton County showed increases in the average sales price for the last three months of .9 percent. Hamilton County’s did not increase as much from a percentage perspective when compared to Marion County, which may be due to the fact that the average sales price in Hamilton County for February is $267,890. However, the average price when compared to February 2014 showed an 11.8 percent increase.
BANKRUPTCIES
Bankruptcy trends can affect the housing market. Based on data collected by the United States Bankruptcy Court, in 2013, there were 20,229 bankruptcy petitions filed in the Southern District of Indiana. In 2014, there were 17,589 bankruptcy petitions filed in the Southern District of Indiana. There were 5,077 bankruptcies petitions filed in Marion County in 2014. During the same period, Hamilton County experienced 939 filings. Comparing the number of filings to 2013, Marion County had 5,742 petitions filed and Hamilton County had 1,062 bankruptcy petitions filed during that same period. The filing of bankruptcy petitions is decreasing for both Marion County and Hamilton County. The downtrend in bankruptcy petitions will continue to stabilize and increase real estate property values.
Marion County and Hamilton County are very different populations. According to data collected by the US Census Bureau, median value of owner-occupied housing unit in Hamilton County is $215,600. Hamilton County has a population of 302,623 according to the US Census Bureau. Hamilton County has a median household income of $82,468 and 5.1 percent of the population are below poverty level. In Marion County, the median value of owner-occupied housing unit is $118,000. Marion County has a population of 934,243. In Marion County, the median household income is $42,334 and 20.4 percent of the population is below poverty level.
FORECLOSURES
The number of foreclosures in Marion County has decreased significantly. Based on data collected by the Marion County Clerk, in 2003, there were 6,892 foreclosures. The number of foreclosures continued to rise until it peaked at 10,035 in 2007. Since that time, the number of foreclosures has continued to decrease. In 2013, there were 4,077 foreclosures filed.
CONCLUSION
The real estate market has made a significant recovery. Based on the foregoing information and other case studies and data, the central Indiana housing market is an investor-friendly atmosphere. Foreclosures and bankruptcies filings are decreasing and home prices are increasing. Give me a call today so that you can get your piece of the action!