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December, 2014
IN THIS ISSUE:
Happy Holidays from BAGI
Update on Multifamily Market
Builder Confidence Rises
Builders Association of Greater Indianapolis
bagi.com
IS RISING DEBT A
HOUSING MARKET
BARRIER?
INDIANAPOLIS: Newest Figures ShBAGow New Home Prices Rise,
Sales Decrease
In This Issue
December, 2014
Articles:
10 Builder Profile: Christopher
Scott Homes
11 Associate Profile: Mirror
Concepts
13 Cover: Housing & Debt
16 Builder Confidence Rises in Nov.
18 Multifamily Market Update
30 Permit Info
32 MIBOR Report
This Issue:
4 Message from Steve Lains
7 Meetings & Events
8 New Members
22 Spikes
23 Model Home Application
25 Thank You Sponsors
33 MIBOR Stats
Advertisers:
8 Access Elevator
4 Airtron
7 Aqua Systems
9 BPCI
5 Citizens Energy Group
21 Custom Concrete
15 Indianapolis Home & Garden
7 Kelley Construction Corp.
3 Sims-Lohman
17 Speedway
21 Thermo-Scan
12 Vectren Energy Delivery
6 Water Furnace International
2 Weber Concrete Construction
Steve Lains
Chief Executive Officer
[email protected]
Rosemary Manifold
Chief Financial Officer
[email protected]
Barbara Zoderer
Director of Councils, Membership & Events
[email protected]
Carrie Cason
Director of Communications
[email protected]
Kate Johnson
Director of Government Affairs
[email protected]
Rhonda Malatestinic
Administrative Assistant
[email protected]
Matt Ochs
Operations Manager
Building Partners of Central Indiana
[email protected]
We have been using Weber Concrete for over 10 years, and they continue to deliver a quality product at a competitive price. They are always professional and leave
the job sites clean and ready for framing. - Matt Beecher, Matt Beecher Builders
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Message from Steve Lains, CEO
As 2014 comes to a close, I usually take
some time to reflect on the year; which usually
helps me prepare personal and professional
goals for the upcoming year. As I reflect
on the happenings of 2014, I conclude that
overall, 2014 was a definite success for our
organization.
We had successful events such as the
Industry Awards, golf outings, casino trips,
council meetings, BAGI Bash and many
more. Of course, we’ve had many more
success stories in 2014 and I attribute all
those stories to our active and involved
members. We wouldn’t be where we are
without your dedication to our organization
and for that I thank you. Let’s move into
2015 with that same enthusiasm and make
it an even more successful year.
We saw permit numbers either remain
steady or slightly increase from month to
month in 2014 which is exciting progress for
Steve Lains
our industry. Speaking of exciting progress, we hosted
On behalf of the BAGI Staff, we wish you and your
yet another successful Home-A-Rama in Westfield
bringing 7000 people though the show homes last families a very Merry Christmas and a happy and
June. Although it was a soggy June, it didn’t prevent healthy 2014.
attendees from coming to the show. All of the HomeSteve Lains, CEO
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The Benchmark of Industry Professionalism
Builder Profile: Christopher Scott Homes
Chris and Scott’s Building
Philosophy
At Christopher Scott Homes we
believe that meticulous supervision is the only manner in which
to build a truly custom home. We
believe so strongly in this that a
“hands-on” approach for all projects has become our building philosophy. While most builders delegate critical work to design teams
and foremen, we (the owners) are
present at the home sites daily
in order to work with our tradesmen and ensure quality control.
This superior level of attention is
simply one advantage of building
with Christopher Scott Homes!
Our Approach
We believe that it is important
for you to have a strong comfort
level with your builder. At Christopher Scott Homes we work diligently to create an environment
that encourages communication
from the initial stages of planning
We deliver a one-of-a-kind custom all the way to completion. This
home designed and built with the approach will ensure that expechighest level of architectural taltations are set accurately so that
ent, personalized service and top- there are no surprises.
of-the-line building materials.
10
NEW LOCATION!
736 Hanover Place #100
Carmel, Indiana 46032
317-408-4853
Owners:
Scott Bates: 317-408-4853
Christopher Carnell - 317590-7961
www.cshomes.com
Profile: Mirror Concepts, Inc.
Our services include mirrors
and glass, mirrored walls and
doors, bath hardware and
accessories, central vacuum
systems and custom framing
choices for mirrors. We serve
the greater Indianapolis, Indiana area including Fishers,
Carmel, Zionsville, Noblesville, Marion, Geist, Greenwood and other areas.
From mirrors and glass to
shower door enclosures of
every style and need, Mirror
Concepts is part of your everyday life at every age.
Mirror Concepts has been in
business in Carmel, Indiana
since 1983. Owned and operated by David and Donna
Moulder, you will find a personal touch in every job we
do.
Services:
Mirror Concepts will make
your ideas and dreams come
alive. Tell us the look you
want to achieve and our creative staff will work with you.
From mirrored walls, shower doors, screens and windows to a single vanity mirror
we can assist you with your
needs. Do you want to spruce
up the old entertainment
center or bar area? We can
accomplish that with glass or
mirror. Adding a glass top will
protect your fine furniture.
Or just stop in and visit our
showroom for more ideas.
Custom Framed Mirrors: We
have many custom frame materials available. Our design
team will be more than happy to assist you with your selection. We are here to help
you coordinate your colors,
finishes and the overall look
you are want to achieve.
Custom Shower Doors
Beveled Mirrors and Glass
Custom Frames for Mirrors
Mirrored Walls and Doors
Window Screening and
Repair
www. mirrorconceptsinc.com
11
OWNERS:
David & Donna Moulder
950 3rd Ave.
Carmel, IN 46032
317-843-1204
Showroom Hours
8am to 5pm - Mon - Fri
Weekends by Appointment
Incentives toward the
construction of energy
efficient homes
Rebates on qualifying
natural gas equipment
for homes and
businesses
Visit www.vectren.com
or call 1.866.240.8476
to learn about a variety of cash
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save energy and money.
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IS RISING DEBT A HOUSING MARKET
BARRIER?
Builder Pulse Online
Intriguing take here from RealtyTrac analyst Octavio Nuiry, that
private household debt is suppressing growth in the housing
market.
Is this a glass-half-empty perspective at what most other economists are looking at through glasshalf-full lenses? Nuiry writes:
As of September 2014, American consumers owe $11.71 trillion in private debt, up 0.7 percent
from the second quarter of 2014,
an increase of $78 billion, according to the Federal Reserve Bank in
New York. Now, there’s nothing
so scary about any of these numbers in and of themselves, and
many economists would say that
Americans’ willingness to spend a
bit more freely, stop deleveraging,
and expand their household balance sheets a little are all positive
signs for a strengthening economy ahead.
Here’s what he says next:
Additionally, a staggering 8.1 million households — representing 15 percent of all mortgaged
homes — are seriously underwater, according to RealtyTrac.
This persistent and severe negative equity continues to threaten
the housing market. Households
deeply underwater are more vulnerable to foreclosure.
The U.S. housing market is being
held back by rising private debt
crisis.
ACcording to Broke, USA: Private
Debt Grows Mortgages, the largest component of private debt, increased 0.4
percent to $8.13 trillion, rising by
$35 billion from their level in the
second quarter.
Student loan debt was the second-highest debt, reaching
$1.13 trillion, up by $8 billion.
Auto loans were third at $934 billion, followed by credit card debt
at $680 billion, and outstanding
home equity lines of credit, or
HELOCs, at $512 billion.
Continued page 16 - See
Debt
14
Builder Confidence Rises in November
According to NAHB
Builder confidence in the market for newly built single-family
homes rose four points to a level
of 58 on the National Association of Home Builders/Wells Fargo
Housing Market Index (HMI), released today.
“Growing confidence among consumers is what’s fueling this optimism among builders,” said NAHB
Chairman Kevin Kelly, a home
builder and developer from Wilmington, Del. “Members in many
areas of the country continue to
see increasing buyer traffic and
signed contracts.”
“Low interest rates, affordable
home prices and solid job creation are contributing to a steady
housing recovery,” said NAHB
Chief Economist David Crowe.
“After a slow start to the year,
the HMI has remained above the
50-point benchmark for five consecutive months, and we expect
the momentum to continue into
2015.”
16
Derived from a monthly survey
that NAHB has been conducting
for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and
sales expectations for the next six
months as “good,” “fair” or “poor.”
The survey also asks builders to
rate traffic of prospective buyers
as “high to very high,” “average”
or “low to very low.” Scores from
each component are then used
to calculate a seasonally adjusted
index where any number over 50
indicates that more builders view
conditions as good than poor.
All three HMI components increased in November. The index
gauging current sales conditions
rose five points to 62, while the
index measuring expectations
for future sales moved up two
points to 66 and the index gauging traffic of prospective buyers
increased four points to 45.
Looking at the three-month moving averages for regional HMI
scores, the Northeast rose three
points to 44, the South posted
a four-point gain to 62, and the
West edged up one point to 58.
The Midwest registered a twopoint loss to 57.
Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced
by any outside party prior to being released to the public. HMI
tables can be found at nahb.org/
hmi. More information on housing statistics is also available at
housingeconomics.com.
DEBT continued
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Richard Vague, author of the newly
published book “The Next Economic Disaster,” (University of Pennsylvania Press, 2014), argues that the Great
Depression of the 1930s, the economic collapse of the last decade, and
many other sharp downturns around
the world were preceded by a spike in
privately held debt.
To learn more about the growing
challenges to the housing market, including the challenge of private debt,
subscribe to the Housing News Report.
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“Our investigation has led us to conclude that the level of private debt
alone is not the predictive of a crisis
— it takes rapid private debt growth
as well,” writes Vague. “The more debt
businesses and consumers have, the
more vulnerable they are to economic distress because of the interest on
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Developers’ Sentiment About Multifamily Market Off Recent Peak, but Remains Positive
NAHB Reports
The Multifamily Production Index
(MPI), released today by the National Association of Home Builders (NAHB), reached 54 in the third
quarter, four points below the previous quarter’s reading. This is the
11th consecutive quarter with a
reading of 50 or above.
The MPI measures builder and developer sentiment about current
conditions in the apartment and
condominium market on a scale
of 0 to 100. The index and all of
its components are scaled so that
any number over 50 indicates that
more respondents report conditions are improving than report
conditions are getting worse.
The MPI provides a composite
measure of three key elements
of the multifamily housing market: construction of low-rent units,
market-rate rental units and “forsale” units, or condominiums. Although all three components fell
from 2014 peaks in the second
quarter, all remain at 50 or above.
The MPI component tracking lowrent units dipped one point to 51,
market-rate rental units fell four
points to 64 and for-sale units
dropped six points to 50.
18
“Despite the slight drop in the index, multifamily developers remain positive about where the
market is headed,” said W. Dean
Henry, CEO of Legacy Partners
Residential in Foster City, Calif.,
and chairman of NAHB’s Multifamily Leadership Board. “Current
growth in employment is strong
enough to fuel demand for multifamily housing.”
The Multifamily Vacancy Index
(MVI), which measures the multifamily housing industry’s perception of vacancies, rose three
points to 41, with higher numbers indicating higher vacancies.
After peaking at 70 in the second
quarter of 2009, the MVI improved
consistently through 2010 and
has been fairly stable since 2011.
“We are seeing the MPI return to
the mid-50s level where it has
been for much of the past three
years,” said NAHB Chief Economist
David Crowe. “The moderation
in multifamily builder sentiment
aligns with a leveling off in production at a historically high level
sufficient to keep up with rental
demand.”
Historically, the MPI and MVI have
performed well as leading indicators of U.S. Census figures for multifamily starts and vacancy rates,
providing information on likely
movement in the Census figures
one to three quarters in advance.
For data tables on the MPI and
MVI, visit nahb.org/mms.
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National Association of Home Builders
Put your membership
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1
Brian Whitson
Carter Lumber
1
Kenny Windler
Ryland Homes
1
Total New Members: 69
Membership Totals as of
11/6/2014
Brad Odom
1
Homesense Heating & Cooling
Joe Reedy
M/I Homes
1
Bob Sandberg
RLS Building
1
Josh Smith
1
Indiana Restoration & Cleaning
Mike Smith
Monsma Marketing Corp.
Patrick Dubach
1
The Re-Development Group
22
Jamoni Harper
Vectren Energy Delivery
1
Doug Chisholm, Jr.
1
Chisholm Lumber & Supply
Brandon Gentry
Dealers Wholesale
1
Jim Langston
1
Heartwood Custom Homes
Anthony Ziegler
2
Merchant Rewards International
Joe Aspatore
General Shale Brick
Mike Hannigan
The Hannigan Co.
1
Rex Soladine
1
Edgewood Building Supply
1
Cathy Stegemoller
Steg Plumbing
1
Builders
Associates
Honorary
TOTAL
180
327
21
528
REMINDER: Builders Must Re-File
Applications for Model Home Deduction
Builders must re-file applications for the Model Home Deduction and the Residence in
Inventory Deduction with their county auditor by December 31. The incentive is a 50%
deduction on the structure (not the land) for up to three models AND three residences in
inventory, statewide for the initial partial assessment followed by three full assessments.
23
24
Thank You Sponsors 2014
JANUARY
Indianapolis Home Show
Premier Sponsors:
Citizens Energy Group
Indianapolis Power & Light
Vectren Energy Delivery
Weber Concrete
FEBRUARY
Hendricks County Mtg/Remodelors Mtg
The Affordable Companies
Custom Concrete
BAGI Connect:
Citizens Energy Group
Hancock Co Membership Mtg:
Weber Concrete
Product Suppliers:
Accent Cabinets
Chisholm Lumber
Clark Appliances
Johnson Co. Membership Mtg:
Vectren Energy Delivery
Hamilton Co. Membership Mtg:
Airtron, Clark Appliance & Mohawk Industries
Home Acres Building Supply Co.
ICC Floors
Kelley Construction
MARCH
Hendricks County Mtg
Vectren Energy Delivery
BAGI Connect:
Vectren Energy Delivery
Johnson Co. Membership Mtg:
Heartland Community Bank an Horizon Bank
Hamilton Co. Membership Mtg:
Vectren Energy Delivery
Sales & Marketing Council Mtg:
Design Gallery by Drees
(Hunter Smith, former Colts punter
spoke at the last SMC meeting)
BAGI Industry GALA Awards:
Premier Sponsor
Indianapolis Power & Light Company
Mirror & Glass Concepts
Sherwin Williams
Steg Plumbing
Gold Sponsors
Citizens Energy Group
Vectren Energy Delivery
Weber Concrete Construction
The Premier Group
Indiana
Bronze Sponsors
Airtron, Inc.
Laura Kopetsky Tri Ax
Design Gallery Homes by Drees
Drees Homes
25
Friends of the Event
Clark Appliance
Custom Concrete Co., Inc.
G & G Custom Homes, Inc.
Kelley Construction Corporation
Ryland Homes
Arbor Homes
M/I Homes
WTHR
Union Savings Bank - Leigh Ann
Clayton
Project Coordinator:
Building Partners of Central
Remodelors Membership Mtg:
Digital Sight and Sound
BAGI Open House
Speedway, LLC
BAGI Leadership Conference:
Citizens Energy Group
Custom Concrete
Gene B. Glick Co.
Hamilton Co. Bldr Council
Hendricks Co. Bldr Council
Indianapolis Power & Light
Johnson Co. Bldr Council
Vectren Energy Delivery
Weber Concrete Construction
WTHR, Channel 13
Thank You Sponsors 2014
MAY
Snack Cart Sponsors:
Longest Drive:
BAGI Connect:
Edgewood Building Supply
K & D Wiring, Inc.
Vectren Energy Delivery
Steel House, LLC
Lunch Sponsors:
FAST Track Friday:
Hole Sponsors:
Carter Lumber
James Hardie
ABC Supply Co., Inc.
Vectren Energy Delivery
Motorists Mutual Insurance Com-
Airtron, Inc.
Weber Concrete Construction
pany
Aqua Systems
Water Sponsor:
Barrett & Associates
Blair Windows & Doors, Inc.
Aqua Systems
Battersby & Danielson Associates
Blue Star Redi Mix Corp.
Bryant Heating & Cooling
Carter Lumber
Clark Appliance
CGS Services, Inc.
Delta
CSI Signs
Timberland Lumber Co.
DME Elevators & Lifts
Viking
Design Gallery Homes by
Hancock Co. Golf Outing:
Drees
Appetizer Sponsors:
General Shale Brick
ABC Supply
Godby Hearth & Home
Blue Star Redi Mix Corp.
Greenfield Banking Co.
General Shale Brick
Irving Materials, Inc.
Beverage Cart Sponsors:
Justus Senior Communities
Mercer Belanger, P.C.
Mitford Homes
Mont Granite, Inc.
Power Moves by NineStar
Bloomfield State Bank
Connect
Clark Appliance
The Links Golf Course
Beverage & Snack Cart Sponsor
The Sherwin-Williams
Union Savings & Loan Association Company
Ameriana Bank
Vectren Energy Delivery
26
Weber Concrete
Wheeler Corp.
Thank You Sponsors 2014
JUNE
Alto Pass
Sponsor Contest
Corn Hole Tournament:
Custom Concrete Co., Inc.
T.A. Kaiser Htg & Air
Burtner Electric and
DME Elevators & Lifts
CSI Signs -Sign Sponsor
Kelley Construction
Elbert Construction
Water Sponsor -Aqua Water Sys-
Combined Golf Outing:
Fairway Mortgage
tems
Appetizer Sponsors
G&G Custom Homes
Home-A-Rama
Blue Star Redi Mix Corp.
Godby Hearth & Home
Premier Sponsor
M/I Homes
IMI
First Internet Bank
Ruoff Home Mortgage
James Hardie Building Products
Golf Cart Sponsors:
Beverage Cart Sponsors:
Kelley Construction
Tom Watson, D&D Moulding
Clark Appliance
Professional Warranty Services Co.
Joe Garcia, G&G Custom Builder
Indianapolis Power & Light Com-
Pyatt Builders, LLC
Jeff McComb, Talmer Bank
pany
The Premier Group
Talmer Bank
McComb Window & Door Co.,
Lunch Sponsor (Ham)
Inc.
Century 21 Scheetz, LLC
Sims Lohman
University Lending Group
Steg Plumbing
Vectren Energy Delivery
University Lending Group
Weber Concrete Construction
Closest to Pin Sponsors
Westport Homes
Guardhouse Security Services
Snack Cart Sponsors:
Sims-Lohman Fine Kitchens &
Bloomfield State Bank
Granite
Boom-A-Rang
Waterstone Mortgage
Burtner Electric
Hole in One Sponsor:
Edgewood Building Supply
Hare Chevrolet
Steel House
Golf Cart Drivers:
Sheila Hurst, Speedway
Teri Tillery, Indianapolis Power &
Light
Rex Soladine, Edgewood Building
Supply
Tom Watson, D&D Moulding
David Moulder, Mirror & Glass
Concepts
Heather Meyer, Stewart Title
James Smith, Steel House
Tim Eckert, Weber Concrete
Megan Ochs, BPCI
Josh Kilcoyne, RiteRug
Anita Sherman, Greenwalt CPA’s
Michelle Back, Ameriana
Jesse Waninger, Greenwalt CPA’s
Phil Turner, Greenwalt CPS’s
Wendy Creed, Waterstone Mtg.
Taffani DeCraene, Waterstone Mtg.
Hole Sponsors
Longest Drives:
84 Lumber
Citizens Energy Group
ABC Supply
Pro Build
Airtron, Inc.
Thank You Sponsors 2014
JULY
BAGI Open House:
Speedway, Inc.
BAGI Connect:
Weber Concrete
SMC Brew Tour:
Arbor Homes
Citizen Energy Group
Design Gallery Homes by Drees
M/I Homes
Vectren Energy Delivery
Johnson Co. Networking Event:
Vectren Energy Delivery
BAGI Golf Outing:
Beverage Cart Sponsors:
BPCI
Clark Appliance
Indianapolis Power & Light Company
McComb Window & Door Co.,
Inc.
Steg Plumbing
Thermo-Scan Inspections
Closest to Pin Sponsors:
Hole Sponsors:
ABC Supply
Access National Mtg
Airtron
America's Floor Source
Arbor Homes
Beazer Homes
Bedrock Builders
Boom-A-Rang
Comcast
Custom Concrete
Custom Homes by Cory, Inc.
DME Elevators & Lifts
First Internet Bank
Frost Brown Todd
G&G Custom Homes
Heartwood Custom Homes
Indiana Geothermal
Indianapolis Home Show
Langston Development
M/I Homes
Moss Well Drilling, Inc.
Overhead Door Company of Indpls
ProBuild/Carter Lee Lumber
PulteGroup
Stone Center of Indiana, LLC
Suburban Steel
Sullivan Commercial Supply
Talmer Bank & Trust
Vectren Energy Delivery
Waterstone Mortgage
Weber Concrete Construction
WTHR-TV 13/Video Indiana
Longest Drive Sponsor:
Citizens Energy Group
Lunch Sponsors:
Vectren Energy Delivery
Weber Concrete Construction
Sims-Lohman Fine Kitchens &
Granite
Mont Granite
JR Lazaro Builders
Appetizer Sponsors:
Vectren Energy Delivery
Waterstone Mortgage
Snack Cart Sponsors:
BPCI
Elbert Conconstruction
Indianapolis Power & Light Company
Steel House
Sponsor Contest:
T.A. Kaiser
Water Sponsor:
Aqua Water Systems
Sign Sponsor:
CSI Signs
Hancock Co. Networking:
Vectren Energy Delivery
BAGI Membership Appreciation
Day:
Indianapolis Power & Light
Vectren Energy Delivery
Weber Concrete
Once more thank you again for your
membership. Below are some of the
volunteers that came in and helped
make calls on Membership Appreciation Day.
Congratulations to Joe Barrett of
Barrett & Associates who won the
$200 gift card. If you answered the
phone that day you were entered in a
chance to win the gift card. Joe was
the lucky winner. Joe you have the
2014 President, Joe Garcia to thank he drew the name.
Also Jeff Gambaccini was the volunteer who made that call so he won a
$50 gift card. Congratulations and
thanks for the help Jeff.
A thanks also goes out to Brian Adams from Godby Hearth and Home
who brought down a grill so we could
make lunch. It was good eats, and
none of it would have been possible
without are sponsors: Indianapolis
Power & Light, Vectren Energy Delivery and Weber Concrete. Thank you!
Thank You Sponsors 2014
AUGUST
SMC Membership Mtg:
Fairway Mortgage
M/I Homes
Johnson Co. Golf Outing:
Beverage Cart Sponsors:
Daily Journal
McComb Window & Door Co., Inc.
Barrett & Associates, Inc.
CKV Finished Products
Clark Appliance
Indianapolis Power & Light Company
SEPTEMBER
Lunch Sponsors
Vectren Energy Delivery
Weber Concrete
Sponsor Contest:
T.A. Kaiser Heating & Air, Inc.
Sign Sponsor
CSI
Water Sponsor
Aqua Water Systems
Door Prize Sponsor
General Shale
SEPTEMBER
Closest to Pin
Matt Beecher Builders
Hendricks Co. Membership Mtg:
Dinner Sponsors
Duke Homes, Inc.
Van Valer Law Firm, LLP
Custom Homes by Cory, Inc.
Paul’s Glass
Hancock Co. Membership Mtg:
Hole Sponsors
Airtron, Inc.
BEST Title Services
Custom Concrete Co., Inc.
Custom Homes by Cory, Inc.
DME Elevators & Lifts
Duke Homes, Inc.
Forum Credit Union
General Shale
Godby Hearth & Home
M/I Homes of Indiana, LP
Van Valer Law Firm, LLP
Vectren Energy Delivery
Weber Concrete
29
Vectren Energy Delivery
Vectren Energy Delivery
BAGI Connect:
Vectren Energy Delivery
Johnson Co. Membership Mtg:
Market Review & Casino Event:
Airtron, Inc.
Beazer Homes
Bedrock Builders, Inc.
Bloomfield State Bank
Burtner Electric, Inc.
Carter Lumber
Christopher Scott Homes
Citizens Energy Group
CleaResult
Custom Concrete Co., Inc.
Design Gallery Homes by Drees
Hamilton County Council
Hancock County Council
Heartwood Custom Homes
Hendricks County Council
IMI
Indianapolis Power & Light Company
Johnson County Council
M/I Homes of Indiana, LP
Mont Granite
Remodelers Council
SMC
Thermo-Scan Inspections
Vectren Energy Delivery
Weber Concrete Construction
Wells Fargo
Vectren Energy Delivery
SMC Membership Mtg:
Citizens Energy Group
Vectren Energy Delivery
OCTOBER
Hancock Co. Membership Mtg:
NineStar Connect
Hamilton/Remodeler’s Membership BAGI Connect:
Mtg:
Indianapolis Power & Light
Citizens Energy Group
Vectren Energy Delivery
Thank You Sponsors 2014
NOVEMBER
Hancock Co. Membership
Mtg:
Union Savings and Loan Association
BAGI Connect:
Vectren Energy Delivery
BAGI Bash Sponsors
Airtron, Inc.
Citizens Energy Group
Indianapolis Power & Light
Company
IKO
MICCS
Steel House, LLC
Vectren Energy Delivery
Weber Concrete Construction
BAGI Bash Silent Auction
Sponsors:
Airtron
Barrett Associates
Bedrock Builders
Bin There Dump That
Burtner Electric
Citizens Energy Group
Custom Audio Designs
Custom Concrete
Dye’s Walk
Embroidery & Screen Prting
30
NOVEMBER
Fairway Mortgage
French Lick
Golf Club of Indiana
Habbegger Corporation
Hare Cheverolet
Heather Rayka - Westport
Homes
Hickory Stick
ICC Floors
Indiana Pacers
IPL
Ironwood Golf Course
McComb Windows and
Doors
Merchants Rewards International
Mirror Concepts
Monsma Marketing
Sherwin Williams
2014 Building Permits
The November building permit
reports indicate that in the Greater Indianapolis Nine-County area,
Single-Family Building Permits
increased three percent over the
2013 numbers year-to-date. Reports indicate there have been
4,757 new home permits issued
so far this year compared to 4,626
in 2013. In addition, Builder confidence in the market for newly built single-family homes rose
four points to a level of 58 on the
National Association of Home
Builders/Wells Fargo Housing Market Index (HMI), released late last
month.
“It a very positive sign that all year
monthly permit numbers have
remained steady or have slightly
increased and this month’s numbers align with previous numbers
- even though we usually see a
ECONOMIC IMPACT
31
a dip in numbers during the fall
and winter months,” says Steve
Lains, CEO of the Builders Association of Greater Indianapolis. “These numbers once again
indicate that our central Indiana
economy is strong and we anticipate seeing similar numbers as
we head into 2015.”
In the Greater Indianapolis NineCounty region, the permits issued through October 2014 have
created a total economic impact
of $851,901,778 in local income,
$193,395,778 in local taxes, and
14,423 local jobs, year to date
(see chart below).
MIBOR Report
Housing continues to show signs of strength
With more sales and higher prices, housing continues to
show signs of ongoing strength. October data for central
Indiana continues September’s long-awaited breakthrough.
Sellers demonstrated confidence as New Listings in central Indiana increased 4.9 percent to 3,314 in the month of
October and were up 2.0 and 2.2 percent over the last three
months and six months of activity, respectively.
Pending Sales were up 11.0 percent to 2,326 in October
and 7.3 percent during the three months ending in October.
Inventory levels fell 0.7 percent to 13,313 units but were
just about even with last year at this time.
Prices continued to gain traction. The Median Sales Price
increased 5.6 percent to $139,900 for October and held
steady with a 5.4 percent increase for the three months ending in October. Months Supply of Inventory was up 2.4 percent to 5.4 months creating more balance for buyers and sellers.
Interest rates remain attractive at their historical lows
since 2008. Most predict the current 4.0 to 4.5 percent 30year rate to creep up, but some predictions put it at the 5.0
range by the end of 2015. Positive jobs numbers and growing consumer confidence provide a strong foundation for the
local housing market.
33
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© 2010 Hewlett-Packard Development Company, LP. The information
contained herein is subject to change without notice.