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Indianapolis Real Estate Year End Report 2010

Posted by Mike Taylor on Monday, January 10th, 2011 at 8:07am.

The time has come to take a look at the year of 2009 and see how the Indianapolis real estate market performed.  Over the next few days, I will be posting the year end reports for most of the Indianapolis market.  Today, we start with Indianapolis itself.

Indianapolis has typically not performed as well as the suburbs and has been plagued with more foreclosures than the suburbs as well.  However, despite this Indianapolis has actually posted some great numbers for 2009 indicating a recovery may already be well underway. 

Let ’s take a look at the month of December in detail:

 
2009
2010
% Change
Active
N/A
6603

Homes Sold
802
671
-16%
Average Selling Price
$102,580
$117,631
15%
Days on Market
85
90
6%
Price Per Square Foot
$56
$62
11%
Sales Price / List Price
94%
93%
-1%

 

Now let’s look at the entire year’s numbers:

 
Number of Homes Sold

Average Sales Price
 
       
 
2009
2010
% Change
2009
2010
% Change
 






Jan. 639563-12%$84,007$91,0728%
Feb.
657
669
2%
$88,284
$113,889
29%
March
872
995
14%
$99,974
$111,683
12%
April
908
1,103
21%
$93,714
$114,745
22%
May
929
1,163
25%
$112,518
$125,374
11%
June
1,113
1,119
1%
$115,289
$126,220
9%
July
1,145
744
-35%
$114,838
$121,356
6%
Aug.
1,063
676
-36%
$110,872
$114,445
3%
Sept.
1,091
781
-28%
$109,715
$111,028
1%
Oct.
1,110
654
-41%
$104,331
$123,560
18%
Nov.
957
576
-40%
$111,091
$114,097
3%
Dec.
802
671
-16%
$102,580
$117,631
15%
 






Totals
11,286
9,714
-13.93%
$103,934
$115,425
11.06%


And for good measure, let’s take a look at the average sales price in a line chart:

The number of homes sold is still down quite significantly, but the average sales price is actually up 11% in the Indianapolis real estate market!  This is huge.  Take a look at the average sales price for every month: every single month has posted a positive gain this year.  To me, this is a very good indicator that we may have turned the corner and now the only thing needed to mount a full scale recovery is a little more demand. 

Who knows what 2011 will hold for the Indianapolis real estate market, but prices do appear to on the rise.  The current projection is for Indianapolis to continue to suffer from a large percentage of foreclosures.  If prices continue to increase, the impact of foreclosures could be lessened in 2011 as less and less people are underwater.  Stay tuned for updated market reports as 2011 progresses.

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