Indianapolis Homes - Market Report March 2011

Posted by Mike Taylor on Tuesday, April 5th, 2011 at 11:43am

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:

 
2009
2010
% Change
Active
N/A
6864

Homes Sold
999
697
-30%
Average Selling Price
$111,719
$98,987
-11%
Days on Market
88
99
13%
Price Per Square Foot
$31
$56
-8%
Sales Price / List Price
93%
94%
1%

 

Here are YTD numbers for 3 years running:

 
Number of Homes Sold

Average Sales Price
 
                 
 
2009
2010
2011
% Change
2009
2010
2011
% Change
 


 



 

Jan.
639
563
459
-18%
$84,007
$91,072
$106,543
17%
Feb.
657
669
549
-18%
$88,284
$113,889
$103,395
-9%
March
872
995
697
-30%
$99,974
$111,683
$98,987
-11%
 


 



 

 

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.