Carmel Real Estate Market Sees Some Improvement in January, 2012

The Carmel real estate market saw improvement in the area of total sales in January, 2012. While the most recent total of just 67 closings represents a 22.1-percent decrease versus the previous month’s total of 86, this is actually a significant 31.4-percent improvement versus last January’s total of 51. But that was not all. From November, 2011 through January of this year there were, on average, 90 closings per month. This represents a 26.8-percent improvement compared to this same period 1 year ago.

Things were not as rosy in the pending sales department. Not only was January’s total of 65 pending sales unchanged versus the previous month, but compared to last January’s total of 83 it was down 21.7 percent. But this statistical category was not devoid of positive news. The average number of pending sales on a per-month basis grew 11.9 percent from November of 2011 through January of this year compared to this same quarter 1 year ago, or 75 versus 67 respectively.

Another very positive development had to do with the total number of homes for sale in Carmel. Not only does January’s total of 610 represent a 0.7-percent decrease versus the previous month’s total of 614, but more importantly, it is a 17.2-percent decrease versus last January’s total of 737—something any Carmel seller through be thrilled to learn! By way of comparison, there were 2.4 percent fewer homes for sale in Indianapolis Indiana in January 2012 versus the previous month, and 17 percent fewer versus January of 2011. Finally, there were on average 14.6 percent fewer listings in Carmel Indiana from November, 2011 through January of 2012 compared to this same quarter 1 year ago.

Some other Noteworthy Carmel Real Estate Market Statistics:

  • The average price per square foot rose a bit, from $80 in December to $85 in January. This is also slightly above last January’s average price per square foot of $83. The 12-month average is $87.
  • Homes in Carmel spent an average of 128 days on the market in January, up 25.5 percent versus the previous month’s average of 102 days. This is also a hefty 62-percent increase in time on market compared to last January’s average of just 79 days. The 12-month average is 96 days.
  • The absorption rate based on closed sales was 11 percent, while the absorption rate based on pending sales was 10.7 percent.
  • There were 9.1 months of inventory based on closed sales and 9.4 months of inventory based on pending sales.