Indianapolis Real Estate - Year End Report 2009

Posted by Mike Taylor on Wednesday, January 20th, 2010 at 9:21am


Let’s take a look and see how the Indianapolis real estate market did in 2009. Before we dive into the yearend numbers let’s see how December turned out:

 
2008
2009
% Change
Active
N/A
6844
Homes Sold
818
768
-6%
Average Selling Price
$90,113
$103,039
14%
Days on Market
95
86
-9%
Price Per Square Foot
$50
$56
12%
Sales Price / List Price
89%
94%
6%

 

Now we can look at the yearend numbers for Indianapolis real estate for some perspective:

 
Number of Homes Sold

Average Sales Price
 
             
 
2008
2009
% Change
2008
2009
% Change
 






Jan.
695
635
-8.63%
$91,077
$84,050
-7.72%
Feb.
727
651
-10.45%
$96,370
$88,741
-7.92%
March
1,017
855
-15.93%
$101,714
$100,066
-1.62%
April
1,092
882
-19.23%
$105,429
$93,181
-11.62%
May
1,157
871
-24.72%
$113,581
$111,850
-1.52%
June
1,149
1,093
-4.87%
$118,775
$115,772
-2.53%
July
1,137
1,027
-9.67%
$115,731
$115,720
-0.01%
Aug.
1,043
1,041
-0.19%
$110,774
$110,393
-0.34%
Sept.
1,027
1,017
-0.97%
$108,874
$112,056
2.92%
Oct.
828
1,081
30.56%
$104,458
$104,785
0.31%
Nov.
729
867
18.93%
$96,296
$114,441
18.84%
Dec.
818
768
-6.11%
$90,113
$103,039
14.34%
 
Totals
11,548
11,222
-2.82%
$106,121
$105,575
-0.51%

 

And my line charts to compare average sales price over the course of the year:

indianapolis_real_estate_450

What I think is wild is that despite dramatic ups and downs the Indianapolis real estate market is actually quite stable. We only saw a 3% decrease in the number of homes sold and an ever so slight decrease in the average sales price when we look at the yearend numbers for 2008 vs. 2009. Considering the events that took place, the economy, and everything else; I think this is actually pretty good. The absorption rate is dropping and is currently at 7.4. Certainly higher than areas like Fishers, but overall very sustainable. Let’s hope 2010 brings some gains for the real estate market and some stability back to marketplace.