Ringing in a prosperous 2010 may not be as much of a challenge for Indianapolis’ housing market as one might believe.  According to statistics secured from MIBOR, month-end pending sales—those listings expected to close within the next 30 days—totaled 2,144.  This now represents two consecutive months in which pending home sales for a month were higher than the previous year. 
 
2009 pending home sales have held steady since March 2009 — around 2,200. This is unlike past years when pending sales have ranged from 2,000 to 2,600 during the same period.  Although the peaks aren’t as high as in previous years, the consistency in number of sales hints at a steady sales growth.    
 
Sources indicated that while investment and commercial sales lag this year, residential property inventory for October 2009 decreased by 27% - 7.2 months versus 9.9 months in October 2008.  Experts suggest that the combination of the reduction in inventory of homes, recent media exposure supporting Indianapolis’ affordability, and the extension of the Federal Housing Tax Credit will provide a combination for steady growth.  With an increase in residential sales, a trickle down affect is expected to spur the investment and commercial sales. 

Statistics from Metropolitan Indianapolis Board of Realtors® Broker Listing Cooperative for the dates of 10/1/2009 – 10/31/2009 and 10/1/2008-10/31/2008 for the 9-County MSA.