Indianapolis Homes - Market Report March 2011Posted 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:
|Average Selling Price|
|Days on Market|
|Price Per Square Foot|
|Sales Price / List Price|
Here are YTD numbers for 3 years running:
Number of Homes Sold
Average Sales Price
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.