The recession was led by housing and will be led out by housing, so it is wise to keep up to speed on where things are heading.  It is critical to know what is going on if you own and invest in real estate. 

The data is in and home sales are steady due primarily to the first-time buyers and investor market.  We did see some significant move-up business in price points below the luxury price range throughout the year due to our great cost of living in the Carmel and Indianapolis area.  The move-up buyer seems to be missing from many other markets in the country.  I know for a fact that the first time buyer incentive offering an $8,000 tax credit is sparking people to move forward who would have stayed on the sidelines especially in the $250,000 and under price points.  The investor buyers are also spurring activity, finding great values, and are able to find a larger pool of renters in this market.

According to new monthly data compiled by RE/MAX of Indiana, we see sales of homes in the Indianapolis market holding steady comparing the previous month.  The median home price in the Indy metro area was off slightly from the prior month at $123,900, meaning that half the homes sold for more, half for less.  However, the value was the second highest since July 2008.  Average price for the Indy metro area was $155,190.  Hamilton County continues to be one of the most stable locations in the area where just 6% of sales recorded were listed as foreclosures.  About 21 percent, or more than one in five sales in the entire Indy Metro market, were foreclosures.  Broker Listing Cooperative provided by MIBOR statistics show that the median price of foreclosures is very low, at $57,950 so this really pulls down the median data of all homes.  Median price in Hamilton County was down about 10% from the same month a year ago, to $184,475 from the same source.

For more information please visit the link on www.JohnPacilio.com of the INDY Channel 6 News report where I discuss the real estate market. 

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