It would be fair to characterize the Carmel real estate market as a microcosm of the Central Indiana real estate market, which is to say it was a whole lot better in 2012 compared to 2011.
What a difference a year makes, indeed. A total of 1,569 Carmel homes were sold in 2012, or 19.1 percent more, compared to 2011. In terms of averages, 131 deals were finalized each month during 2012 compared to just 110 per month for 2011. And, from October through December of 2012 an average of 117 homes were sold each month, or 23.2 percent more, compared to this same quarter in 2011. The bottom line: There were 251 more homes sold in 2012 versus 2011.
A much stronger sales pipeline was also characteristic of the Carmel market, as an average of 131 pending sales were reported per month in 2012 compared to an average of 111 per month during 2011, making for a significant 18-percent improvement. In hard numbers, there were 1,568 pending sales reported for all of 2012, or 233 more, compared to 1,335 for all of 2011. The most recent quarter, from October through December of 2012, saw a 9.2 percent increase in the average number of reported pending sales compared to this same quarter in 2011, or 95 versus 876 respectively.
One very important stat concerns the total number of homes listed for sale. While the Carmel market has not yet regained the equilibrium it had pre-2008, at least with respect to supply-and-demand, significant progress was seen in 2012, as there was a 16.7-percent decrease in listings, equating to 1,595 fewer homes on the market compared to 2011. On average, there were 665 Carmel homes for sale each month in 2012 compared to 798 in 2011. The month of December, 2012 marked the 7th consecutive month that total listings fell in Carmel.
Some other Carmel real estate market stats to consider:
- And of the 7,985 homes that were listed for sale during all of 2012, 1,985 were new listings altogether, or nearly 25 percent.
- The average sold-list differential based on original asking price in 2012 versus 2011 was unchanged at 91 percent. Whereas, the sold-list difference based on final asking price during this same 1-year span increase by 1 percentage point, from 95 to 96 percent.
- The average price per square foot rose 2.3 percent, from $87 in 2011 to $89 in 2012.
- The 2012 average Carmel ‘sold’ price of $321,000 was down just three-tenths of 1 percent versus the 2011 average of $322,000. Contrast this to the average active price, which climbed 7.5 percent, from $437,000 in 2011 to $470,000 in 2012.
- The absorption rate based on closed sales, averaged over all 12 months of 2012, was 20 percent. This represents an improvement of 6 percentage points versus 2011. The 2012 average absorption rate based on pending sales was 19 percent, also up 6 percentage points versus 2011.
- On average, there were 6 months of inventory based on closed sales and 5 months based on pending sales during all of 2012. These same averages for all of 2011 were 8 and 7 percent respectively.