The Indianapolis real estate market had little cause for celebration in December, 2011—which is not to say it was entirely devoid of positive news. Total pending sales, for example, fell 14.2 percent, from 674 in November to just 578 in December. Disappointing? Yes. Unexpected? Hardly. This is especially true when you consider the fact that December is historically one of the slowest months of the year in central Indiana. The upside to this stat is the fact the, compared to December of 2010, it represents a nice 7.8-percent improvement in total pending sales. Further still, an even greater, 12.4-percent improvement could be seen in the average number of pending sales logged on a per-month basis from October through December of this year compared to this same period 1 year ago, or 644 versus 591 respectively.
Total sales fell 1.4 percent, from 700 the previous month to 690 in December. Compared to last December’s total of 703 this is down only 1.8 percent. However, there was a significant 9.5-percent increase in the average number of homes sold per month from October through December of this year compared to this same period in 2010.
There were 5,662 Indianapolis homes for sale, or 8.4 percent fewer, compared to the previous month’s total of 6,181. Anyone trying to sell a home in Indianapolis Indiana knows this is something the market has sorely needed for a while. But compared to last December’s tally of 6,805 listings this is a far greater 16.8-percent drop in the available inventory. Also, from October through December of this year there were 14.5 percent fewer listings on the Indianapolis real estate market compared to this same period last year.
Some other Indianapolis real estate market statistics:
- Homes in Indianapolis spent an average of 98 days on the market. This is 6.5 percent more time versus December of 2010, although it is down just slightly versus the 12-month average time on market of 97 days.
- The average ‘sold’ price fell slightly, from $120,000 in November to $106,000 in December. This is 9.4 percent below last December’s average of $117,000 and 9.2 percent below the 12-month average ‘sold’ price of $115,000.
- December’s average active price of $145,000 was down only a bit versus last December’s $117,000 average.
- There were 8.2 months of inventory based on closed sales and 9.8 months of inventory based on pending sales.
- The absorption rate was 12.2 based on closed sales and 10.2 based on pending sales.
- Homes in Indy went for an average of 83 percent of original list price and 94 percent of final list price.