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.