While it wasn’t obvious at first, the Carmel real estate market improved in September, 2012. Sure, the 133 closings that took place in September represent a 26.9-percent decrease in total sales. But September typically marks the beginning of a seasonally-induced slow-down throughout most of Central Indiana real estate markets, including Carmel. What is pleasantly surprising about the latest figure is that it represents an increase of nearly 10 percent versus this same month in 2011. Also, from August through September of this year an average of 159 closings took place each month, or 14.4 percent more, compared to this same quarter in 2011.
A similar trend holds for pending sales. The most recent total of 112, while 22.8 percent below the previous month’s total of 145, it represents a 7.7-percent increase compared to last September’s total of 104 pending sales. And the average number of pending sales in the sales pipeline each month, from August through September of this year was up a not-so-trivial 17.6 percent compared to this same 3-month period 1 year ago.
Another very important stat is that of total listings. Not only does September’s total of 671 Carmel listings represent a 4-percent decrease versus the previous month’s total of 699, but compared to last September’s total of 806 listings it is a decrease of nearly 17 percent—welcomed news for anyone trying to sell a home, no doubt. And of the 671 homes on the market, 142 were new listings altogether. This is down nearly 25 percent versus the previous month’s total of 189 new listings and down nearly 18 percent versus last September’s total of 173 new listings. Finally, from August through September of this year there were, on average, 699 homes listed on the Carmel market each month, or 15.8 percent fewer, compared to this same 3-month period last year.
Some other Carmel real estate market stats worth noting:
- Carmel homes spent were spending an average of 80 days on the market as of September. This is down 7 percent versus the previous month’s average of 90 days, , and down 16.7 percent versus 1 year ago. The 12-month average time on market in Carmel is 92 days.
- There were 5 months of inventory based on closed sales and 5 months of inventory based on pending sales.
- The average price per square foot of $88 was up only 2.3 percent versus last September’s average of $86. The 12-month average price per square foot, including the most recent month, is $88.
- The absorption rate was 19.8 percent based on closed sales and 16.7 percent based on pending sales. The 12-month average absorption rates are 17.5 and 17.8 respectively.
- September’s average active price of $459,000 was down barely versus the previous month’s figure of $461,000, but up 2 percent versus 1 year ago. The 12-month average active price is $468,000.
- The average ‘sold’ price in Carmel was $284,000. This represents a 14.7-percent decrease versus the previous month’s average of $333,000, and a 15.2-percent decrease versus last September’s average of $335,000. The 12-month average ‘sold’ price is $317,000.
- The median price in Carmel was $257,000.