Carmel Indiana Real Estate - Year End Report 2010
Posted by Mike Taylor on Wednesday, January 12th, 2011 at 9:17am.Today it is time to look at the Carmel Indiana real estate market for 2010 year end. Again, we will see the trend of less activity but increased sales price. Let’s take a look at what we are dealing with then attempt some analysis. Here is December in detail:
2009 |
2010 |
% Change |
|
| Active | N/A | 734 | |
| Homes Sold | 90 | 78 | -13% |
| Average Selling Price | $322,835 | $318,187 | -1% |
| Days on Market | 96 | 85 | -11% |
| Price Per Square Foot | $112 | $114 | 2% |
| Sales Price / List Price | 95% | 95% | 0% |
And the year end numbers for all Carmel homes that sold in 2010:
Number of Homes Sold |
|
Average Sales Price |
||||
2009 |
2010 |
% Change |
2009 |
2010 |
% Change |
|
|
|
|
|
|
|
|
|
| Jan. | 45 |
50 |
11% |
$298,853 |
$380,098 |
27% |
| Feb. | 51 |
59 |
16% |
$267,568 |
$327,208 |
22% |
| March | 69 |
94 |
36% |
$284,331 |
$361,970 |
27% |
| April | 75 |
122 |
63% |
$261,335 |
$272,486 |
4% |
| May | 101 |
135 |
34% |
$311,970 |
$319,435 |
2% |
| June | 133 |
149 |
12% |
$322,635 |
$323,398 |
0% |
| July | 131 |
110 |
-16% |
$304,502 |
$350,242 |
15% |
| Aug. | 125 |
126 |
1% |
$323,863 |
$365,921 |
13% |
| Sept. | 110 |
92 |
-16% |
$278,921 |
$346,604 |
24% |
| Oct. | 133 |
64 |
-52% |
$340,566 |
$398,068 |
17% |
| Nov. | 110 |
65 |
-41% |
$327,709 |
$308,227 |
-6% |
| Dec. | 90 |
78 |
-13% |
$322,835 |
$318,187 |
-1% |
| Totals | 1,173 |
1,144 |
-2.47% |
$303,757 |
$339,320 |
11.71% |
And a line graph of month by month sales price vs. 2009:
I can’t really explain it, but Carmel started out 2010 on an absolute tear. Look at the first half of the year; Carmel real estate posted double digit increases in both number of homes sold and average sales price. Things have calmed down a bit and we have seen a few off months to round out the year which is a bit concerning but not alarming. Overall, the average sales price increased 12% over 2009 and the number of homes sold was only down 2%. The absorption rate is at a relatively healthy 7.46 which actually indicates a balanced market. In addition, the distressed market only represents 8% of all transactions in 2010 which is significantly lower than the 30+% in Indianapolis and other metro areas.
Carmel has and probably will continue to be a stable real estate market. Of course, we are going to see some ups and downs but Carmel real estate always remains in demand and as a result offers a relatively safe investment for people looking to purchase a home.
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