Carmel Homes Fetch Average $317,000 Price in May, 2012

in Real Estate Market Reports

Overall, the Carmel market showed some nice improvements in May, 2012. But first the bad news: Total pending sales fell 22 percent, from 177 in April to just 138 in May. That said, this represents a 0.7-percent increase compared to last May, which by the way, translates into an actual difference of just 1 pending sale. Still, any improvement, no matter how small, should not be dismissed. A more significant, 16.4-percent increase was seen in the average number of pending sales tallied each month, from March through May of this year, relative to this same quarter 1 year ago, or 156 versus 134 respectively.

Perhaps one of the biggest developments for the Carmel market in May was a sizable 30.7-percent increase in the total number of closings that took place versus the previous month. May’s total of 166 also represents an even greater 35-percent increase versus 1 year ago. Oh, and an average of 135 closings took place each month from March through May of this year, making for a nice 18.4-percent increase relative to this same period in 2011.

After hitting a 12-month low of 610 in January of this year, the total number of Carmel homes listed on the market has continued to rise in the ensuing months, most recently hitting an 8-month high of 775 listings in May. It should be noted, however, that this represents a 12.8-percent decrease compared to May of 2012. Also, from March through May of this year there were, on average, 744 Carmel homes for sale each month, or 14.4 percent fewer, compared to this same 3-month period last year. One more observation: Of the 775 homes for sale, 262 were new listings. The average number of new listings placed on the Carmel market over the past 12 months is 182.

Some other Carmel Real Estate Market Stats:

  • The average price per square foot for Carmel properties fell by just 5.5 percent versus the previous month. May’s $86 average is also down by 3.4 percent compared to last May’s average of $89. The 12-month average price per square foot is $87.
  • The average time spent on market in Carmel was 85 days in May. This is up just a tad versus the previous month’s average of 72 days, but down 3.4 percent versus 12-months ago. The 12-month average time on market in Carmel, Indiana is 95 days.
  • May’s average ‘sold’ price of $317,000 was down just a bit from April’s average of $318,000, and down just 1.6 percent compared to last May’s average ‘sold’ price of $322,000. The 12-month average is $321,000.
  • The average active price was $486,000. This was unchanged versus the previous month, but up 11.2 percent versus last May’s average of $437,000. The 12-month average active price in Carmel, including the month of May, is $459,000.
  • There were 4.7 months of inventory based on closed sales and 5.6 months of inventory based on pending sales.
  • The absorption rate based on closed sales was 21.4 percent, while the absorption rate based on pending sales was 17.8 percent.

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