Indianapolis Real Estate News
While I do think that reporting numbers for something as broad as Indianapolis real estate can be misleading, it does give us a general idea of what is happening in the market and something to compare more local statistics to. I will be following this post up with some more localized reports broken down by township so you can see how you local market is faring compared with Indianapolis as a whole. Here are the numbers for all Indianapolis homes that sold in October 2007 under $500,000:
| Number of Homes Sold | Average Selling Price | Days on Market | SP/LP | |
| Oct. 2007 | 823 | $101,969 | 89 | 96% |
| Oct. 2006 | 1143 | $112,170 | 85 | 97% |
| % Change | -28% | -9.09% | -4.71 |
Year to date numbers:
|
# of Homes Sold
|
Average Sales Price
|
|||||
|
2006
|
2007
|
% Change |
2006
|
2007
|
% Change | |
| Jan. |
834
|
897
|
7.55% |
$103,725
|
$107,169
|
3.32% |
| Feb. |
1023
|
897
|
-12.32% |
$106,320
|
$103,806
|
-2.36% |
| March |
1197
|
1157
|
-3.34% |
$110,752
|
$116,051
|
4.78% |
| April |
1157
|
1266
|
9.42% |
$120,111
|
$120,613
|
0.42% |
| May |
1480
|
1439
|
-2.77% |
$122,125
|
$115,876
|
-5.12% |
| June |
1549
|
1373
|
-11.36% |
$122,281
|
$116,387
|
-4.82% |
| July |
1258
|
1214
|
-3.50% |
$126,238
|
$120,129
|
-4.84% |
| Aug. |
1326
|
1163
|
-12.29% |
$112,833
|
$110,037
|
-2.48% |
| Sept. |
1162
|
921
|
-20.74% |
$118,114
|
$106,432
|
-9.89% |
| Oct. |
1143
|
823
|
-28.00% |
$112,170
|
$101,969
|
-9.09% |
| Nov. | ||||||
| Dec. | ||||||
| Totals | 12,129 | 11,150 | -7.73% | $115,467 | $111,847 | -3.01% |
In addittion to these numbers, it is important to know that there are currently 9,811 active homes on the market and that 13,321 Indianapolis homes sold last year. This means the absorption rate, or the current housing stock, is at a 8.84 months supply of homes.
What does this mean? Well, it means right now is a challenging time to put your home on the market especially going into winter. It also means you grab a great deal on house if you are looking to buy.
If you are looking for a home, let Mike Taylor at Rebate Real Estate be your Indianapolis real estate agent and you will not only get the best customer service, you will also get a 50% commission rebate.
Date: Tuesday, November, 6th 2007 @ 10:39:16 AM
Views: 214
This blog entry currently has 3 comments posted.
Austin Realty
Great post. I like looking at the stats for the different parts of the country. One thing I was confused about. In the first graph is looks like the average price in 2007 was 112k. In the second chart it looks like the average price in 2007 was 101k
Posted on 2007-11-20 14:53:19
Mike Taylor
@Austin - Thanks for catching that, I just inverted the numbers for 2006 and 2007.
Posted on 2007-11-20 14:54:10
Kailua Realtor
Hi Mike,
Number can be confusing, especially when you have agents trying to make them sound better to get buyers to think the market is really better than it is. It looks like your 50% rebate to buyers will make the buyer feel more comfotable and also help them get a sweet deal. Great idea.
Posted on 2007-11-16 06:00:57