Yesterday I received 2 very different e-mails. One was from the National Association of Realtors, proclaiming that November sales are UP and this shows that the market is stabilizing, YIPPIE!! Then, minutes later, I got one from MIBOR, the Metropolitan Indianapolis Boards of Realtors, saying that November sales are down, and new listings are up, BOO!!
Acording to NAR, total existing home sales rose .4% in November, which is good, even though they are still about 20% below last years numbers. NAR Chief Economist Lawrence Yun asserts that this is a further sign that home prices across the country are stabilizing and that the decline in housing prices is slowing down. NAR reasearch also shows a slight decrease in the number of homes on the market, and historically low interest rates.
Locally, however, we are seeing a different picture. A review of the November BLC numbers (Oh yeah, it’s no longer called the MLS here, if you didn’t know) shows that overall sales were down by about 23% in November and 9.5% year-to-date. Six counties in the region did show increases in the average sales price, and those are Brown, Hendricks, Madison, Montgomery, Putnam and Shelby counties. MEDIAN sales price increased in Boone, Brown, Hamilton, Johnson, Madison, Montgomery and Putnam.
This is just one more illustration that ALL real estate is local. The market varies all over the country. Indianapolis did not show the huge gains in price that places like California did, and therefore, we had a much smaller distance to fall back down to more realistic prices. Overall, here in the midwest, things have always been more stable and not had the huge rollercoaster ride that some states have had. When you hear the national news regarding real estate, please remember that this is Indianapolis and it’s surroundings, not Malibu or Miami.