The market in Indianapolis is improving slowly but surely as the year winds down. Sales are down 10.7% compared to October, which can be viewed as more of a seasonal decline than an ongoing trend. The good news is that sales have increased by 9.8% compared to November 2010. There were 675 sales in 2011 vs 604 in 2010. This is the 3rd straight month in a row that Sales have been better than the same time period a year before. The average sales price of homes in Indianapolis has also improved from $114,000 in 2010 up to $120,000 in 2011. All good indicators that the market is improving.
When looking at Pending transactions, the data looks a bit bleak, at first. There were only 606 Pended transactions in November compared to 736 in October, a 17.7% decrease in volume. Compared to the same time period in 2010, the volume still decreased but by a much lower percentage, only 1.1%. You may be asking yourself where the good news is in these numbers and the answer is that you have to take into account the number of listings For Sale, which has dropped significantly since last year. In November of 2010, there were 7,139 homes on the market compared to only 6,181 in 2011.
606 Pendings with 6,181 For Sale in 2011 is much better than 613 Pendings with 7,139 For Sale in 2010.
Let’s take a look at homes for sale in Indianapolis. As the graph indicates, we are at our lowest For Sale inventory levels in Indianapolis, Indiana for the past 14 months. There was a decrease of 13.4% in inventory from this same time period a year ago, good news for those of you thinking of putting your home on the market. Another interesting statistic to note for Indianapolis real estate is that the Average For Sale price has been trending down, but the Average Sold price has been trending up, indicating that sellers are becoming more aware of their homes’ true market value.