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Admirals Bay - Geist Homes Market Update

Posted by Mike Taylor on Wednesday, January 28th, 2009 at 10:17am.

This blog and website are going to focus on Geist real estate, Fishers, and Carmel real estate the majority of the time. In light of that, and since end of year is always a great time to produce some year over year numbers I thought I would start posting some subdivision reports. Today I am going to start off with the Geist neighborhood of Admirals Bay. Actually I am going to include some stats from Admirals Bay, Admirals Pointe, and Admirals Sound. Admirals Cove, Landing, and Woods will be included in the overall stats but not broken down individually. We are going to break this down a few ways, here is a look at everything that is active, pending, and sold in all the Admirals neighborhoods:

	2007	2008	% Change
Active	N/A	39
Homes Sold	64	37	-42%
High Selling Price	$960,000	$1,525,000	59%
Low Selling Price	$174,900	$190,000	9%
Average Selling Price	$374,179	$415,495	11%
Days on Market	110	185	68%
Price Per Square Foot	$124	$132	6%
% List Price / Sales	96%	95%	-1%

As you can see from the difference in high and low selling price, this high level analysis doesn’t really tell the full story. That being said, I think for all the Admiral’s neighborhoods we need to look at waterfront and non waterfront homes. Here is a look at what happened with all waterfront Geist homes in all the Admirals neighborhoods:

	2007	2008	% Change
Active	N/A	13
Homes Sold	13	6	-54%
High Selling Price	$960,000	$1,525,000	59%
Low Selling Price	$384,700	$240,000	-38%
Average Selling Price	$677,387	$886,000	31%
Days on Market	61	168	175%
Price Per Square Foot	$215	$254	18%
% List Price / Sales	96%	93%	-3%

And all Admirals non water front homes in Geist:

	2007	2008	% Change
Active		11
Homes Sold	15	14	-7%
High Selling Price	$503,000	$420,000	-17%
Low Selling Price	$215,000	$1,900,000	784%
Average Selling Price	$320,086	$281,002	-12%
Days on Market	117	94	-20%
Price Per Square Foot	$117	$101	-14%
% List Price / Sales	96%	95%	-1%

For those wondering how they missed the water front home on Geist that sold for $240,000 don’t worry. This is the result of another Realtor incorrectly inputting the listing or exaggerating the truth. It was just pond front, not on Geist. If you compare the water home vs. non water homes we have a complete inverse of numbers. The number of homes sold on Geist is down 54% over last year while the non water homes in Geist are up 11%. The average selling price however has the exact opposite relation: the average sales price for water homes on Geist is up 31% while the non water homes are slightly down at -2% over 2007.

Here is Admirals Bay non waterfront homes individually:

	2007	2008	% Change
Active		11
Homes Sold	15	14	-7%
High Selling Price	$503,000	$420,000	-17%
Low Selling Price	$215,000	$190,000	-12%
Average Selling Price	$320,086	$281,002	-12%
Days on Market	117	94
Price Per Square Foot	$117	$101	-14%
% List Price / Sales	96%	95%	-1%

Admirals Pointe (No water):

	2007	2008	% Change
Active		5
Homes Sold	15	4	-73%
High Selling Price	$515,000	$417,000	-19%
Low Selling Price	$230,000	$231,900	1%
Average Selling Price	$347,700	$341,100	-2%
Days on Market	125	61	-51%
Price Per Square Foot	$113	$113	0%
% List Price / Sales	94%	97%	3%

And Admirals Sound (No water):

	2007	2008	% Change
Active		6
Homes Sold	10	10	0%
High Selling Price	$409,900	$575,000	40%
Low Selling Price	$260,000	$250,000	-4%
Average Selling Price	$351,742	$401,590	14%
Days on Market	75	N/A
Price Per Square Foot	$103	$121	17%
% List Price / Sales	95%	97%	2%

I think I probably just overwhelmed you with info, but better more than less. Feel free to visit any of Geist Indiana real estate related pages: Admirals Bay, Waterfront Geist Homes, or Geist Condos for more info on the Geist Market.