Indianapolis Real Estate Year End Report 2010

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:

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

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.