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Indianapolis Real Estate - Market Report October 2011

Posted by Mike Taylor on Tuesday, November 15th, 2011 at 11:15am

Time to take a look again at the market reports and see what is going on in the Indianapolis real estate market through October 2011. Let’s take a look at the month of October 2010 vs. 2011 first:

 
2010
2011
% Change
Active
N/A
6300

Homes Sold
659
743
13%
Average Selling Price
$123,017
$111,193
-10%
Days on Market
87
101
16%
Price Per Square Foot
$62
$61
-2%
Sales Price / List Price
93%
92%
-1%


Now let’s take a look at the YTD numbers to give us a little more perspective:

 
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%
April
908
1,103
765
-31%
$93,714
$114,745
$117,950
3%
May
929
1,163
928
-20%
$112,518
$125,374
$124,303
-1%
June
1,113
1,119
1,013
-9%
$115,289
$126,220
$123,904
-2%
July
1,145
744
897
21%
$114,838
$121,356
$127,258
5%
Aug.
1,063
676
941
39%
$110,872
$114,445
$117,898
3%
Sept.
1,091
781
804
3%
$109,715
$111,028
$126,416
14%
Oct.
1,110
659
743
13%
$104,331
$123,017
$111,193
-10%
Nov.
957
576

-100%
$111,091
$114,097

-100%
Dec.
802
671

-100%
$102,580
$117,631

-100%
 








Totals
11,286
9,719
7,796
-13.88%
$105,461
$116,503
$117,382
10.47%


And the price graph for the last 3 years:

 

Looks like we had a pretty nice increase in the number of homes sold (13%) over last year while the average sales price took a bit of a tumble for first time in a few months. YTD, the average sales price is just about the same as last year which is pretty darn remarkable in this market and a good sign that not only Hamilton County is posting some positive numbers. The number of foreclosures continues to be a real problem in Indianapolis with almost 40% of all sales falling under the “distressed” category. The absorption rate is relatively under control though with only an 8.13 months’ supply of homes on the market.

 


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