Carmel Indiana Homes - Market Report - March 2011

Posted by Mike Taylor on Wednesday, April 6th, 2011 at 8:35am

Let’s take a look at the Carmel Indiana real estate market for March 2011. Here are detailed numbers for the month of March:

 
2010
2011
% Change
Active
N/A
846

Homes Sold
95
409
15%
Average Selling Price
$362,531
$297,518
-18%
Days on Market
77
110
43%
Price Per Square Foot
$118
$110
-7%
Sales Price / List Price
95%
95%
0%

 

And for a little perspective, let’s also look at a 3 year YTD of both number of homes sold and average sales price:

 
Number of Homes Sold

Average Sales Price
 
                 
 
2009
2010
2011
% Change
2009
2010
2011
% Change
 


 



 

Jan.
45
50
51
2%
$298,853
$380,098
$317,863
-16%
Feb.
51
59
62
5%
$267,568
$327,208
$305,323
-7%
March
69
94
109
16%
$284,331
$361,970
$297,518
-18%
 


 



 


And a quick average sales price graph:

 

Carmel always amazes me when I do these market reports. While most other areas have a significant decrease in sales activity, Carmel Indiana homes are selling 16% more than in 2010. What is not great is that for 3 months running we have seen decreases in sales prices in Carmel. This is contrary to the trend last year when we actually saw an increase in average sales price despite the market conditions and decreased sales activity. The percentage of foreclosures has seen a slight increase over 2010; we are seeing 10% of all homes sales involve some sort of “distressed” property versus 7% last year.

One thing is for sure, the fundamentals of the Carmel Indiana real estate remain strong. Demand remains relatively strong and we are only seeing an 8 month supply of homes in the market. It remains to be seen how Carmel will weather the rest of this storm in 2011 and how much more of an impact the foreclosures will have but I don’t expect any major swings in the Carmel market as it has always proven to be quite reliable. Visit our Carmel Indiana subdivisions for more info about the different neighborhoods Carmel has to offer.