Carmel Real Estate Market Up and Down in May, 2011

What the Carmel Indiana real estate market giveth it also taketh away. Such was the case in May. For while there was an 11-percent increase in total sales, from 100 in April to 111 in May, there was a 9.9-percent decrease in total pending sales, from 131 to 118 over this same period. Versus last May’s total of 135 closings, our most recent figure represents a decrease of 17.8 percent in total sales. In the category of total pending sales, it was a surprising 9.3-percent increase in total pending sales.

With regard to total listings, there was a 0.1-percent decrease in the total number of Carmel homes for sale, as there were 889 in May compared to 890 the previous month. Versus May of 2010, this represents an 8.5-percent increase, however. And from March through May of this year there were, on average, a total of 869 homes listed for sale on the Carmel real estate market, or 5.3 percent more, compared to this same quarter last year, when the average was closer to 825 listings per month.

Some other Carmel real estate market stats:

  • The absorption rate based on closed sales was 12.5 percent, while the absorption rate based on pending sales was 13.3 percent.
  • May’s average ‘sold’ price of $324,000 was up nearly 4 percent versus the previous month’s average of $312,000.
  • The average active price of $437,000 was up 3.3 percent versus the previous month.
  • There were 8 months of inventory based on closed sales and 7.5 months of inventory based on pending sales.
  • The average price per square foot rose slightly, from $85 to $89.
  • The median price was $274,000. This is barely unchanged from the previous month’s median price of $275,000.