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Carmel Real Estate Market Update

Posted by Mike Taylor on Friday, December 11th, 2009 at 12:15pm


Here is market update for the Carmel Indiana real estate market for November 2009 compared to November 2008:

 
2008
2009
% Change
Active
N/A
680

Homes Sold
65
101
55%
Average Selling Price
$307,559
$330,595
7%
Days on Market
71
92
30%
Price Per Square Foot
$112
$115
3%
Sales Price / List Price
95%
96%
1%

 

For a little perspective, here is a YTD look at the Carmel homes market:

 
Number of Homes Sold

Average Sales Price
 
       
 
2008
2009
% Change
2008
2009
% Change
 






Jan.
61
45
-26.23%
$349,289
$298,853
-14.44%
Feb.
70
51
-27.14%
$362,693
$267,568
-26.23%
March
104
67
-35.58%
$344,503
$286,984
-16.70%
April
108
73
-32.41%
$322,869
$260,474
-19.33%
May
133
95
-28.57%
$330,225
$306,038
-7.32%
June
135
133
-1.48%
$344,330
$322,635
-6.30%
July
133
121
-9.02%
$344,709
$308,242
-10.58%
Aug.
121
122
0.83%
$313,284
$325,683
3.96%
Sept.
88
108
22.73%
$311,381
$280,781
-9.83%
Oct.
70
119
70.00%
$316,830
$357,321
12.78%
Nov.
65
101
55.38%
$307,559
$330,595
7.49%
Dec.






 






Totals
1,088
1,035
-4.87%
$331,607
$304,107
-8.29%


And a chart of the average sales price just to get a visual of the wild ride:

 

carmel indiana real estate 

 

As you can see the Carmel real estate market is HOT! 3 straight months of double digit increases in the number of homes sold and the past two months have seen a 55% and 70% increase in the number of homes sold. The average sales price is also up in 2 of the past 3 months as well. Only time will tell if this is the start of an upward, but it is certainly great news for now. It should be noted that this could be the affects of the tax credit hitting the market, but Carmel buyers are not typically first time home buyers so I don’t think that fully explains it. The other piece of good news is that absorption rate, or number of month’s supply of homes, keeps dropping in Carmel and it now is at 7.11 which is very manageable.
If you are looking to buy or sell a home in Carmel Indiana, now just may be the perfect time. Visit our Carmel page or our subdivisions in Carmel Indiana for more info or you can always call me at 317-362-4064.


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