RE/MAX Advanced Realty presents a compiled Housing Market Report for April 2023 in the State of Indiana based on the data presented by MIBOR. This report provides an overview of the real estate market for single-family homes, condominiums, townhouses, farms, residential, and manufactured homes covering all 16 counties in the Hoosier State for the month of April.
The data presented in this report includes key metrics such as median sales price, closed sales, days on the market, list price received, the median sold price per sqft, new listings, active inventory, and months' supply of inventory. By analyzing these metrics, we can gain insight into the current state of the real estate market and make informed predictions about future market conditions.
This report will explore the trends observed in the real estate market for the month of April and compare them to the same period in the previous year, as well as the previous month. By providing this analysis of the market, we hope to help buyers, sellers, and investors make informed decisions about their real estate transactions.
SINGLE FAMILY HOMES
Based on the data gathered, the real estate market for single-family homes in April 2023 experienced mixed results compared to the same month in the previous year and the previous month.
The median sales price in April 2023 increased by 5.5% compared to April 2022 and by the same percentage compared to March 2023, indicating a steady upward trend in housing prices. However, the closed sale price in April 2023 decreased significantly by -19.3% compared to April 2022 and by -8.0% compared to March 2023. This suggests that while homes are being listed at higher prices, they are ultimately selling for much less than they did a year ago.
The median days on the market for homes in April 2023 increased significantly by 75.0% compared to April 2022 but decreased by -30.0% compared to March 2023. This means that homes were taking longer to sell in April 2023 than in the same month in the previous year but were selling more quickly compared to the previous month.
The list price received for homes in April 2023 decreased by -3.1% compared to April 2022 but increased by 0.8% compared to March 2023, indicating some volatility in the market.
The median sold price per square foot in April 2023 decreased by -4.1% compared to April 2022 but increased by 1.3% compared to March 2023. This suggests that homes are selling for less per square foot compared to the same month last year but are selling for more compared to the previous month.
New listings for April 2023 decreased by -26.6% compared to April 2022 and by -1.9% compared to March 2023. This indicates a significant decline in the number of homes being listed for sale.
Active inventory for April 2023 increased by 26.6% compared to April 2022 but decreased by -14.7% compared to March 2023, indicating that while there were more homes available for sale compared to the same month last year, there were fewer homes on the market compared to the previous month.
Finally, the month's supply of inventory increased by 56.9% compared to April 2022 but decreased by -7.3% compared to March 2023. This metric measures the number of months it would take to sell all of the homes on the market based on the current rate of sales. The increase compared to April 2022 indicates that the supply of homes for sale is outpacing the demand, while the decrease compared to March 2023 suggests a potential increase in demand.
Overall, the data suggest that for single-family homes, the market is still experiencing some volatility, with some metrics showing upward trends and others showing declines. However, the steady increase in median sales price and median sold price per square foot compared to the previous month indicate that home prices are still trending upwards. The decrease in closed sale price and new listings, as well as the increase in median days on the market and months' supply of inventory compared to April 2022, suggest a potential slowdown in demand, while the decrease in active inventory compared to March 2023 indicates a possible increase in demand.
ALL TYPES OF PROPERTIES
The data above suggests that the overall real estate market for single-family residences, condominiums, townhouses, farms, residential, and manufactured homes in April 2023 experienced mixed results compared to the same month in the previous year and the previous month.
The median sales price for April 2023 increased by 5.0% compared to both April 2022 and March 2023, indicating a steady increase in housing prices. However, closed sales decreased significantly by -18.7% compared to the previous year and by -8.5% compared to the previous month, suggesting that fewer homes were sold in April 2023.
The median days on the market for April 2023 increased significantly by 75.0% compared to April 2022 but decreased by -30% compared to March 2023, indicating volatility in the market. The list price received decreased by -3.2% compared to April 2022 but increased by 0.8% compared to March 2023. The median sold price per square foot for April 2023 decreased by -3.2% compared to April 2022 but increased by 2.0% compared to March 2023.
New listings for April 2023 decreased significantly by -24.1% compared to April 2022 and by -2.2% compared to March 2023. However, active inventory increased by 29.3% compared to April 2022, but decreased by -14.2% compared to March 2023. The months supply of inventory increased by 59.2% compared to April 2022 but decreased by -6.2% compared to March 2023.
Overall, the market for single-family residences, condominiums, townhouses, farms, residential and manufactured homes appears to be in a state of flux, with some metrics trending upward and others trending downward. The steady increase in median sales prices is a positive sign for sellers, but the significant decrease in closed sales suggests a potential slowdown in the market. The decrease in new listings and the increase in active inventory suggest that supply may be outpacing demand, while the volatility in median days on the market indicates uncertainty in the market.
With the data presented above, it is important to keep in mind that real estate markets are cyclical and tend to go through periods of growth and decline. Over the long term, real estate has historically been a sound investment, short-term fluctuations in the market are to be expected.
To give you a better understanding of the housing market, it is important to speak to a trusted real estate professional with RE/MAX Advanced Realty. Get in touch with Indy’s Leading Brokerage today and have our real estate experts answer any questions you might have.
Keeping your home clean can seem like a never-ending task. But with a few daily habits, you can maintain a clean and organized home that you can be proud of. Here are some daily habits that you can incorporate into your routine to keep your home clean.
Make Bed
Starting your day with a simple task like making your bed can set the tone for the rest of the day. Not only does it give your bedroom a neater look, but it also helps you feel accomplished first thing in the morning.
Tidy Up As You Go
Make it a habit to clean up after yourself as you move around your home throughout the day. This can be as simple as putting away your dishes after breakfast or hanging up your coat when you come in from outside. This will prevent clutter from accumulating and make cleaning tasks easier.
Wipe Down Surfaces
Take a few minutes each day to wipe down surfaces in your home. This includes kitchen counters, bathroom sinks, and any other surfaces that tend to collect dust or dirt. Using a multi-purpose cleaner and a microfiber cloth can make this task quick and easy.
Tackle Laundry Each Day
Instead of letting laundry pile up and become overwhelming, tackle a small load each day. This will prevent laundry from taking over your home and make the task more manageable.
Categorize Paper
Designate a specific spot for mail and other papers that come into your home. Take a few minutes each day to sort through them, tossing any junk mail and filing away important documents.
Clean Fridge Weekly
Set aside one day each week to clean out your refrigerator. This not only keeps your fridge clean and organized, but it also helps prevent food waste and spoilage.
Straighten Before Bed Time
Before heading to bed each night, take a few minutes to straighten up your home. This includes putting away any items that may have been left out during the day and ensuring that your home is tidy for the next day.
By incorporating these daily habits into your routine, you can maintain a clean and organized home without feeling overwhelmed by cleaning tasks. These habits use items that you likely already have on hand, making it easy to develop a cleaning routine that works for you. With a little effort each day, you can enjoy a clean and stress-free home.
Bookmark our blog page to stay updated on our latest home tips. And if you're looking to buy or sell a home in Indiana, our expert agents at RE/MAX Advanced Realty are here to help.
Contact us today!
West Office: 317-298-0961
Greenwood Office: (317- 881-3700
One of the major benefits of owning a home is equity. But what is equity, and why is it so valuable? Equity is the difference between the home's current worth and what is owed on the mortgage. Simply put, if you owe 200,000 on your mortgage loan and your home is worth $250,000, you have $50,000 of equity.
The primary driver of equity growth is the rising of home prices, and if you've been a homeowner in the past 5 years or so, you are in luck because your net worth got a boost due to the significant rise of home prices in the previous years. Even if home appreciation has slowed this year, doesn't mean you have lost all equity in your home.
According to the recent report on Homeowner Equity Insights that CoreLogic released, data has shown that the average homeowner gained approximately $34,300 in equity during the past year alone.
Why is equity valuable? Equity not only helps you increase your overall net worth but it can also be leveraged to help you achieve your other financial goals! Yes, you can tap your equity for a variety of investments.
Including:
If you think you can benefit from additional education but don't have the funds readily available, consider getting a home equity loan to pay for that education. Think of it as an investment in yourself and your future.
If you want to update your living space or if you are getting ready to sell, you can use your home equity to invest in home improvements. If you research properly what home improvements offer the best returns, this can even increase your home's value above and beyond its sticker price, which will help you build more equity on your property.
If you have a great business idea in mind and need financing to get your business up and running, a home equity loan is an easy and straightforward option.
If you are thinking of getting an investment property, you can use the equity in your home to buy another property.
Whatever your financial goals are, you can tap the equity you've gained over time to help you fuel your next move.
If you're interested in finding out just how much equity you have in your current home and how you can use it to fuel your financial goal, connect with your trusted RE/MAX Advanced Realty Agent, Today!
It's the month of Love! If you're looking for a restaurant in Indy to have a romantic dinner, a place to celebrate friendship, or anything in between this Valentine's season, RE/MAX Advanced Realty has you covered. Our agents, Ashley Abbott, Josh Latham, David Cook, and Cate Waggoner-Lee, shared their favorite restaurants in Indy with a romantic atmosphere.
(317) 257–2253 ext. 3 ( both locations)
This beautifully decorated cake shop welcomes its client with a magical fairytale-themed decoration (Broad Ripple Village) or hundreds of Swarovski crystals glistening on many chandeliers ( Carmel City Center). Wherever store you choose to visit; you are sure to enjoy an unforgettable experience of a great atmosphere, sumptuous dishes, and delicious desserts.
Coopers Hawk Winery & Restaurant
AVON 8696 E US Hwy 36 Avon, IN 46123 | 317-806-1234
INDIANAPOLIS 3815 E 96th St Indianapolis, IN 46240 | 317-574-9463
Perfectly for wine lovers, this restaurant invites everyone to experience memorable moments built upon delicious food and award-winning wines. They offer a Modern Casual Dining Experience with warm hospitality in an inviting upscale setting and a Napa-Style Tasting Room and Artisanal Markets where guests can explore and expand their palates and enrich their wine journey.
Downtown Indianapolis | 153 South Illinois St., Indianapolis, IN 46225 | 317 635-9594
Northside Indianapolis | 4050 East 82nd St., Indianapolis, IN 46250 | 317 915-8045
A must-go for grill lovers, Harry & Izzy's is a sister company of the famous St. Elmo Steak House. It is an independent, upscale, classic American Grill with an ambiance exuding class and sophistication in a comfortable setting with a lively bar centered in the restaurant and a broad menu of tasty dishes.
299 W Main St Greenwood Indiana 46142 | contact@reverygreenwood.com | 317-215-4164
This mid-sized restaurant in the family-friendly, uniquely charming neighborhood of Old Town Greenwood offers high-quality food & drinks in a modern-meets-rustic environment. They utilize the freshest ingredients to bring homemade dishes straight to your table.
Wonderful food, superior service, and an enchanted ambiance are what you can expect in this restaurant. They are dedicated to creating memorable moments for their guests by providing exceptional quality and value. They offer a wide variety of menus that surely won't disappoint.
8031 S. Meridian St. Indianapolis, IN 46217 | 317-888-1112
This restaurant is for you if you enjoy eating Italian food in a relaxed and cozy ambiance. Vito Provolone is a family-owned Italian restaurant on the Southside of Indianapolis that has been serving pasta, pizza, and house favorites such as Chicken Marsala & Spicy Vodka Sauce for decades.
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RE/MAX Advanced Realty just listed the Iconic Mug-n-Bun for Sale! This vintage drive-in has been serving fine food on Indy's West side since 1960. Located just a stone's throw away from Indianapolis Motor Speedway, Mug-n-Bun has been a staple to the community for 63 years. They have served generations of Speedway diners, including race lovers, tourists, and Hoosiers.
Featured on an episode of the television series Man Vs Food, Mug-n-Bun Indiana is well known for their burgers and homemade root beer . They also serve tenderloins, hand-dipped onion rings, milkshakes, and healthier options like grilled chicken, salads, plus so much more! Mug-n-Bun has something for everyone, and one can eat however they want with their various dining options - In car service for the drive-in traditionalists, at their outside picnic area, or at their indoor seating. They also accept call-ins for pick-up orders and offer the option to rent their facilities for special events.
Currently owned by master electrician Jay Watson, the business was purchased 23 years ago as his retirement project. Now that he is 63, he decided that he is ready to get out of the restaurant business, hence the decision to put the booming restaurant business up for sale.
Listed at $2,199,000 by RE/MAX Advanced Realty's top commercial agent Keith Turnbill, 5211 W 10th St. Speedway, IN 46224 is located right at the heart of Speedway on nearly 2.50 acres.
The sale includes:
All that one could need to keep the business running.
In an Interview with Indy Star, Mug-n-Bun owner Jay Watson said that he is proud of both the service and delicious food they have served throughout the decades.He hopes that whoever buys the Mug-n-Bun will continue the business. If there's one piece of advice he can give to whoever buys his business, it's the same advice he received shortly after taking over. "Don't change anything" If ain't broke, don't fix it. With over 3000 positive Mug-n-Bun reviews on their google page, many agree with Mr. Watson.
Have you already dined at Mug-n-Bun in Indiana and tried the Mug-n-Bun special? What are your favorite dishes?How do you feel about the sale of this iconic Drive-in in Speedway? What's your favorite memory while eating at this diner? Leave your thoughts in the comment section below!
If you have any real estate related questions about the listing, contact RE/MAX Advanced Realty Greenwood Office's Head of Commercial Division, Keith Turnbill at 317-626-0800 or drop by our office at 65 Airport Pkway Ste 140 Greenwood, IN 46143
8313 W. 10th St
Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224