Geist Waterfront Homes : HSE vs. Lawrence

Posted by Mike Taylor on Friday, October 29th, 2010 at 1:31pm

One of the area’s on Indianapolis real estate I love to work with is Geist waterfront homes. In case you didn’t know, Geist is split into two distinct counties and more importantly two very different school districts. North of 96th street, Geist lies in the Hamilton Southeastern School district which is by most people’s perception a much better school district than its southern counterpart Lawrence Township. Now, the question I am going to attempt to answer today is: Does the school district affect desirability and resale value of waterfront homes on Geist?

To answer this, we are going to look at two sets of data. One that shows us the number of homes sold, average sales price, and price per square foot for waterfront properties on Geist with HSE schools vs. Lawrence Township schools.

Here is the HSE info:

Year # Homes Sold  Avergage Sales Price
     
2005 18 $919,211
2006 18 $824,053
2007 10 $963,416
2008 14 $894,785
2009 15 $1,000,770
2010 YTD 10 $787,900

 

And the Lawrence Township waterfront homes:

Year # Homes Sold  Avergage Sales Price
     
2005 32 $776,180
2006 24 $718,750
2007 14 $701,064
2008 10 $851,577
2009 13 $808,617
2010 YTD 13 $689,465

 

A quick graph for price shows HSE waterfront homes on Geist consistently beat out Lawrence homes:

 geist-waterfront-homes_921

The # of homes sold is a bit more complicated to interpret because there is not an equal split of available waterfront homes in both HSE and Lawrence Township. Lawrence has a significantly greatly proportion of the available waterfront homes. Hence, when we see HSE waterfront homes make up greater than 50% of the total sales (as occurred in 2008 and 2009) it leads me to conclude that the waterfront homes on Geist in HSE are indeed more desirable, more expensive, and in higher demand than Geist waterfront homes in Lawrence.

Feel free to share your thoughts.