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.
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!
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Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224