The Carmel real estate market didn’t fare so well in November, 2012. Not that there weren’t some improvements, but overall, the market was down not only versus the previous month, but last year as well. Total sales, for example, fell 10.7 percent, from 112 closings in October to 109 in November. But compared to last November’s total of 118 this is a 7.6-percent decrease in sales. The one bright spot: An average of 123 closings took place each month, from September through November of this year, relative to this same period last year, which translates to a 16-percent improvement.
The latest stats for pending sales were no better; in fact, they were worse. The most recent total of 75 pending transactions represents a significant 35.3-percent decrease versus the previous month’s total of 116. Compared to last November’s total of 95 this is a 21.1-percent decrease in pending sales. At least the average number of reported pending sales was up 7 percent, to 107, compared to this same quarter in 2011.
Unlike closed and pending sales, the latest figures for total listings were a ray of light in an otherwise gloomy November real estate market. There were 546 homes for sale in November, which represents a 10.8-percent decrease versus the previous month’s total of 612. Compared to last November’s total of 697 listings this is a decrease of nearly 22 percent—a trend that hopefully continues. Also, from September through November of this year, 610 homes were listed for sale each month, 19.3 percent fewer, versus this same quarter 1 year ago. And of the 546 homes listed for sale in November, 101 came in the form of new listings. This is down 21.1 percent versus the previous month’s total of 128, and down 14.4 percent versus last November’s total of 118. Over the past year, 168 listings have been added to the Carmel market each month on average.
Some other noteworthy Carmel real estate market stats:
- The average active price of $461,000 was up 1.3 percent over the previous month’s average of $455,000. Compared to last November’s average of $447,000 this is a 3.1-percent increase. The 12-month average active price in Carmel is $469,000.
- The average ‘sold’ price in November was $339,000. This is down 1.5 percent versus the previous month’s average of $344,000, and down 8.4 percent versus last November’s average of $370,000. The 12-month average ‘sold’ price in Carmel is $317,000.
- Homes were averaging 86 days on the market in November, up 10.3 percent versus the previous month’s average of 78 days. While 86 days may feel like a long time, especially for anyone trying to sell a home, it is a distinct improvement versus last November’s average of 96 days. Over the past 12 months in Carmel homes have averaged as few as 71, and as many as 126, days on the market. The 12-month average is an even 90 days.
- Buyers paid an average price per square foot of $90, down 3.2 percent versus both the previous month and November of 2011, both of which averaged of $93. The 12-month average price per square in Carmel is $88.
- The absorption rate was 20 percent based on closed sales and 13.7 percent based on pending sales.
- There were 5 months of inventory based on closed sales and 7.3 months of inventory based on pending sales.
- The sold-list differential based on original asking price was a very respectable 94 percent. This compares very favorably versus other nearby Central Indiana towns and cities. Coincidentally, the sold-list difference based on final asking price was also 94 percent. The 12-month averages for these two stats are 91 and 95 percent respectively.
- The median price was $286,000.