Indianapolis Homes - Market Report March 2011

Time to take a look at the number for Indianapolis homes for March 2011.   The first quarter is behind us and it is a good time to assess the market and how it might be trending for 2011.  As I have mentioned before, this year is going to prove quite difficult because of the first time home buyer tax credit having such a huge affect on the market last year.  That being said, let’s look at the number for Indianapolis for March:

Here are YTD numbers for 3 years running:

And an average price chart:

The trend of fewer homes sold is very much expected and is seeing throughout the area and the country.  What is a bit concerning is the drop in price.  We have seen two straight months with a drop in price.  What we also saw this month was a huge increase in sales activity of distressed property.  Approximately 47% of the homes sold in Indianapolis last month were bank owned or short sales.  This is undoubtedly dragging down the prices in Indy.  I have a post about the shadow inventory for our area which does not bode well for Indy that I will share soon.

Overall, Indianapolis is not off to a great 2011.  We have a good amount of foreclosures to work through before we will see a rebound in prices.  The good news, it is a great time to purchase something.  Please see our downtown Indianapolis condos for sale and Lawrence Township homes for sale pages to view some of the great deals available.