Carmel Real Estate Market in Report for December, 2011

The month of December was not especially kind to the Carmel real estate market—not that December is ever a great month for the central Indiana real estate market, let alone Carmel. Total sales fell 31.4 percent, from 118 in November to just 81 in December, 2011. Considering there were 86 sales last December this isn’t really much worse by comparison. One bright spot came in the form of a 22.4-percent increase in the average number of closings that took place on a monthly basis from October through December of this year compared to this same period 1 year ago, or 93 versus 76 respectively.

And things were no better when it came to pending sales, as December’s total of just 58 was 35.6 percent below the previous month’s total of 90. Compared to last December’s total of 60, however, this is only down 3.3 percent.

Whereas the Indianapolis real estate market underwent an 8.4-percent decrease in the total number of homes sold in December versus the previous month, the total number of Carmel homes for sale fell an even greater 11.0 percent during this same period. Even more impressive for this Carmel Indiana market is the fact that, compared to last December’s total of 741 listings the most recent total of 614 represents a 17.1-percent decrease in total listings.

A few other noteworthy Carmel Indiana real estate statistics:

  • Homes in Carmel spent an average of 98 days on the market in December, up nearly 9 percent over the previous month’s average of 90 days. Versus last December’s average of 101 days, however, this is a 2.9-percent improvement. The 12-month average time on market in Carmel is 91 days.
  • Homes went for an average of 87 percent of their original list price and an average of 93 percent of final list price. Last December these two figures averaged 92 and 95 percent respectively.
  • The absorption rate based on closed sales was 16.1 percent, while the absorption rate based on pending sales was 10.9 percent.
  • There were 6.2 months of inventory based on closed sales and 9.2 months of inventory based on pending sales.
  • The average active price was $447,000 and the average ‘sold’ price was $374,000.