Carmel Home Sales Rise 40 Percent in November, 2011

in Real Estate Market Reports

With colder temperatures becoming the norm, it was no surprise that total Carmel pending sales fell 23.2 percent, from 99 in October to just 76 in November. What was surprising however was the fact that total sales didn’t suffer. Quite the contrary, a total of 112 closings took place in the month of November, up 40 percent versus the previous month’s total of 80. What’s more, this represents a nice 47.7-percent increase versus last year’s total of just 76 during this same time. Looking at the average number of closings per month from September through November of 2011 there was a 33.3-percent increase compared to this same quarter 1 year ago, or 104 and 78 closings per month respectively.

As mentioned total pending sales fell 23.2 percent. The silver lining of this stat, however, is the fact that compared to last November’s total of just 59 pending sales this represents a significant 28.8-percent increase in total pending sales. This is not to mention the fact that there were, on average, a total of 93 pending sales per month from September through November of this year compared to a monthly total of 72 during this same period in 2010.

Anyone who works in real estate knows the market doesn’t need any more inventory. Fortunately, the total number of homes listed on the Carmel real estate market fell 8.8 percent, from 764 in October to 697 in November. Compared to the 4.1-percent drop in the number of homes for sale in Indianapolis Indiana this is quite an improvement. Compared to the number of Carmel homes that sold in November of 2010 this is an even greater 9.4-percent decrease. Finally, from September through November of this year there were, on average, a total of 756 homes on the Carmel Indiana market each month, or 6.4 percent more versus this same 3-month period in 2010.

Some other pertinent Carmel real estate market stats:

  • Homes in Carmel spent an average of 98 days on the market in November, up nearly 9 percent versus the previous month’s average of 90 days. While this is nearly 3 percent improved versus last November’s average of 101 days is 7.7 percent worse versus the 12-month average of 91 days on market.
  • The average ‘sold’ price rose 19.1 percent, from $314,000 in October to $374,000 in November. The 12-month average is $326,000.
  • The average active price fell only slightly from the previous month’s average of $449,000, settling in at $447,000. The 12-month average is $326,000.
  • The median price was $275,000.