Carmel Real Estate Market Sees Few bright Spots in August, 2011

There were few bright spots in the Carmel real estate market in August, 2011. Take total sales, for example: There were 6 percent fewer homes sold in August versus the previous month’s total of 150. The “bright spot” is that this represents an 11.9-percent improvement versus last August’s total of just 126. Improvement could also be found in the fact that there were, on average, a total of 151 sales per month from June through August of this year, or 14.4 percent more, relative to this same quarter 1 year ago. The same basic dynamic could be seen with pending sales. While total pending sales fell an unnerving 30.1 percent, from 143 in July to just 100 in August, this nevertheless represents a 12.4-percent gain versus last August’s tally of just 89 pending sales. Also, from June through August of this year there were, on average, a total of 129 pending sales per month, or 17.3 percent more, versus this same quarter in 20101, when the per-month average was 110.

But while there were fewer homes sold there were also fewer Carmel homes for sale, 4.3 percent fewer, to be exact. In fact, August’s total of 823 listings marked the second consecutive month that total listings declined since reaching a 15-month high of 909 in June of 2011. Of the 823 homes listed on the Carmel real estate market, 177 were new listings, down 6.3 percent versus the previous month’s total of 1489 and down nearly 9 percent versus last August’s total of 194 new listings. On average, the Carmel market has seen a total of 197 homes added to the market per month over the past 12 months.

Some other pertinent Carmel real estate market facts:

  • Homes in Carmel Indiana spent an average of 81 days on the market in August, down ever-so-slightly from the previous month’s average of 80 days. Compared to last August’s average of 77 days this represents a slight worsening in this statistic, at least if you’re a seller. The 12-month average time on market in Carmel is 90 days.
  • The average active price climbed 3.2 percent, from $435,000 in July to $449,000 in August. This is down barely versus last August’s average active price of $452,000. Meanwhile, the average ‘sold’ price of $336,000 was down just a bit from the previous month’s average of $340,000, albeit up nearly 3 percent versus the 12-month average ‘sold’ price of $327,000.
  • The absorption rate based on closed sales was 17.1 percent, while the absorption rate based on pending sales was 12.2 percent.
  • There were 5.8 months of inventory based on closed sales and 8.2 months based on pending sales.
  • The median price was $289,000.