Welcome to the final edition of Capitol and Market for 2024 – a year that’s brought plenty of change in the market, to MLS rules and legal requirements for the profession. We hope these updates have helped you navigate new ways of doing business, maximize the value of your IAR membership and better serve your clients with the latest data and industry insight.
Thank you for reading, and here’s to a productive and profitable 2025!
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Closings finish ahead of 2023 (again) in November as sales volume passes last year’s total: |
- Closed home sales finished higher than 2023 for the third straight month in November with 5,906 closings (up 1% year-over-year); new pending sales (5,610) were 5% ahead of last year.
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Despite some recent volatility, mortgage rates remained nearly a full point below last year and homebuyers enjoyed another month of rising inventory, with 15,684 homes listed for sale on an average day.
- Indiana’s median sale price increased from $258,000 in October to $260,000, 8% above November 2023; but with more supply on the market, sellers accepted 95.2% of their original list price (down from 95.7% in October and 95.4% last year).
- Fewer new sellers chose to capitalize on continued year-over-year price growth: 6,480 listings hit the market in November, down 1% year-over-year. (Year-to-date listings remain 2% ahead of 2023.)
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Even though homes have consistently taken longer to sell in 2024 – with twenty days from listing to pending sale in November – statewide home sales are neck-and-neck with 2023 through the first week of December, and Indiana’s year-to-date median sale price ($257,500) is up 5%.
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Taking price growth into account, we’ve already passed last year’s total sales volume by more than $160 million with three weeks left in December (data reported through December 8th), quickly closing in on $22 billion in MLS sales for 2024.
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Take a look at these county-by-county snapshots of November’s sales trends, median sale price and days on market; visit the IAR Housing Hub for more local and regional data and check out new map features (including the option of mapping weekly as well as monthly data).
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In Case You Missed It: 2025 Legal Forms Overview |
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Key changes affecting broker-to-broker compensation: |
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The Broker Compensation Agreement will be eliminated from IAR’s forms library.
- The paragraph dealing with Buyer Broker Compensation options in the Listing Contract will also be deleted (Section 1B).
- These changes mean that IAR forms will no longer provide pre-printed language reflecting listing broker-to-buyer broker compensation payments.
- Offers of compensation off the MLS are still permitted under the terms of the NAR settlement and member brokerages may continue to allow offers of compensation in their own office policies and using their own forms.
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IAR cautions members against Touring Agreements: |
In response to member questions and concerns, the IAR Legal Department recently offered guidance on ‘touring agreements’ that purport to create a non-agency relationship between a broker and prospective buyer limited to showing a home.
In short: The NAR settlement requires a written agreement before a REALTOR® “working with” a prospective buyer can show that buyer a home listed on the MLS. In Indiana, if you are “working with” (providing brokerage services to) a buyer, then an agency relationship has been created. So these agreements are likely inconsistent with state agency law while also skirting the spirit of the settlement (click below to read more):
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Register today for a virtual update on 2025 forms changes and other legal developments: |
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Register for a REALTOR® Delegation Day at the Statehouse: | New Year, new opportunities to show up and speak up for homeowners, homebuyers and taxpayers! Register today to take part in a REALTOR® Delegation Day during the 2025 session of the Indiana General Assembly.
Delegation Days allow members to engage face-to-face with their state lawmakers at the Capitol and show the power of Indiana’s largest professional organization.
Each date below is assigned to several local associations, but member registration is flexible: Join your association if possible, but pick the Delegation Day that fits your calendar even if you can’t make the date for your primary board.
Please note that our Delegation Day schedule has changed with updates to the 2025 legislative calendar, so please take another look at the options below and register today if you haven’t already!
Learn more and sign up today (space is limited).
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And zoom into our Virtual Legislative Briefing on January 10th: |
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Looking for a convenient primer on our advocacy priorities for 2025 and the stakes at the statehouse for the real estate industry, your clients and the housing market as a whole? Register for IAR’s Virtual Legislative Briefing on Friday, January 10th at 12:00 noon (Eastern) by clicking below:
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Give yourself the gift of time: |
It’s time to relax, recharge and celebrate the season with family and friends. But while you’re enjoying the holiday downtime, consider getting a head start on your Continuing Education requirements with online, on demand member benefit CE from RECP.
The hours you complete now will feel like a gift in May and June, when your schedule is packed and the June 30th CE deadline is looming. Click below to get started. (IAR members: Please be sure to log in and do not purchase the 12-hour CE package - these courses are included in your membership dues. Email info@recp.org for help logging in.)
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Registration Coming Soon: |
One more reminder: Don't miss our virtual legal and legislative briefings on January 9th & 10th! |
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| JENNIFER PARHAM
2024 IAR President
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Capitol and Market. It’s not only our address but also what we do. IAR backs you at the state Capitol and works to keep REALTORS® at the center of their local market. This newsletter will report on these efforts, as well as all the other information you’re entitled to as a member.
Add news@indianarealtors.com to your address book and be sure to let your local association know when you change email addresses (that’s where we get your contact). Thank you for reading and thank you for your membership.
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