Carmel Real Estate Market Slows in October, 2011

October of 2011 marked the 4th straight month that the total number of Carmel homes for sale fell, most recently by 5.2 percent. This for the most part echoed the 4.9-percent decrease in the number of Indianapolis homes for sale just south of the Carmel border. Compared to last October, the most recent figure represents a 5.4-percent drop in Carmel listings. Plus, from August through October of this year there were on average 798 Carmel homes on the market, or 3.7 percent fewer, relative to this same period in 2010.

Another stat that fell in October, and not in a good way, was that of total closings. There were just 74 homes sold in October, or 37.8 percent fewer, versus the previous month’s total of 119. On the bright side, the most recent total represents a 12.1-percent increase versus last year during this same month. Even better was the quarterly comparison as there were on average 113 sales per month from August through October of this year versus this same period last year.

In the category of pending sales there was very little good news to report. There were 83 pending sales in the October pipeline versus 101 just one month prior. Compared to last October’s total of 88 this is a 5.7-percent drop. The only positive stat associated with Carmel pending sales comes from the fact that there were on average 97 pending sales per month, or 18.3 percent more, compared to 1 year ago, when the per-month average during this time was 82.

Some other Carmel real estate market stats:

  • The average time on market in Carmel Indiana improved somewhat as homes spent just 91 days on the market in October compared to 96 just one month prior. Over the past 12 months this same stat has never averaged fewer than 79 days. That said, the most recent figure represents a 17.3-percent improvement in average time on market compared to last October’s average of 110 days.
  • The average Carmel ‘sold’ price was $319,000, while the average active price was $449,000.
  • The absorption rate based on closed sales was 9.7 percent, while the absorption rate based on pending sales was 10.9 percent.
  • There were 10.3 months of inventory based on closed sales and 9.2 months of inventory based on pending sales.
  • The median price in Carmel was $251,000.