Carmel Indiana Real Estate - Year End Report 2011

Posted by Mike Taylor on Friday, January 27th, 2012 at 9:25am

Yesterday we looked at the year end report for Indianapolis, today it is time to head to the northern suburb of Carmel to see what the Carmel Indiana real estate market did for the year end of 2011. First let’s look at the December sales data for Carmel homes:

 
2010
2011
% Change
Active
N/A
608

Homes Sold
89
85
-4%
Average Selling Price
$321,373
$281,665
-12%
Days on Market
93
107
15%
Price Per Square Foot
$117
$104
-11%
Sales Price / List Price
95%
95%
0%

 

Now let’s look at the month by month and year end data for Carmel real estate:

 
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%
April 75 122 106 -13% $261,335 $272,486 $312,268 15%
May 101 135 124 -8% $311,970 $319,435 $321,928 1%
June 133 149 161 8% $322,635 $323,398 $340,349 5%
July 131 110 151 37% $304,502 $350,242 $341,203 -3%
Aug. 125 126 145 15% $323,863 $365,921 $338,403 -8%
Sept. 110 92 117 27% $278,921 $346,604 $338,957 -2%
Oct. 133 66 76 15% $340,566 $391,834 $315,517 -19%
Nov. 110 76 113 49% $327,709 $300,169 $373,936 25%
Dec. 90 89 85 -4% $322,835 $321,373 $281,665 -12%
                 
Totals 1,173 1,168 1,300 10.15% $308,768 $334,491 $327,546 -2.08%

 


And our 3 year price history chart:


For the month of December, Carmel had a bit of an off month compared to last year. The number of homes sold and the average sales price were down for the month with the average sales price off by 12% over last year. However, it appears to be a bit of an anomaly as the average sales price dipped to $281,000 for December 2011 which is out of the norm and I would expect affected by a series of low sales. When you look at the year end data, the picture actually improves quite a bit with the number of Carmel Indiana homes selling up 10% over last year and the average sales price for all Carmel Indiana real estate down only 2%.

In 2011, only 7% of all sold activity in Carmel was a result of “distressed” properties. This is a very important fact because elsewhere distressed homes have a huge impact in dragging down home values. That in combination with the fact that Carmel only has a 5.44 absorption rate, or number of month’s supply of homes, leads me to be relatively optimistic about 2012 for the Carmel Indiana real estate market.