What a difference a year can make. Improvements in several key stats contributed to a Fishers real estate market finally began to show some signs of life in 2012. While the market still has a ways to go compared to the pre-2008 era, it was significantly improved versus 2011.
Starting with sales, a total of 1,562 closings took place during all of 2012, compared to a total of just 1,258 for all of 2011, meaning the market improved by nearly 24 percent. This translates to an average of 130 closings each month for 2012, compared to 105 per month for 2011. Moreover, an average of 117 closings took place during the final quarter of 2012, or 41 percent more, compared to an average of just 83 per month during this same quarter in 2011. When all was said and done, there were 304 more homes sold in 2012.
One of the most pressing issues for not only the Central Indiana market, but the U.S. market as a whole, has been an over-supply of homes, in effect holding prices down and creating a distinct buyer’s market. Fortunately, there were 6.4 percent fewer homes on the Fishers market in 2012 compared to 2011, or 7,147 versus 7,643 respectively. This equates to a difference of -496 listings. On average, there were 596 homes listed for sale each month during 2012 compared to 637 per month during 2011. During the final quarter of 2012 there were 499 homes on the market each month, on average, or 15 percent fewer, compared to this same quarter in 2011. Of the 7,147 homes for sale in 2012, 1,942 were new listings.
The total number of pending sales reported rose 21.3 percent, from 1,292 for all of 2011 to 1,569 for all of 2012. This equates to an average of 131 per month for 2012 and 108 per month for 2011. An even greater improvement was seen in our quarterly comparison, as there were 28.2 percent more pending transactions reported during the last quarter of 2011 compared to the last quarter of 2011, or 100 versus 78 respectively.
Some other Fishers real estate market stats worth noting:
- Fishers homes averaged 92 days on the market during 2012. This matches the average for all of 2011.
- The average sold-list difference of 92 percent based on original asking price was also unchanged in 2012 versus the 2011 average. The average sold-list difference based on final asking price, however, was improved by 1 percent versus 2011, or 97 percent versus 96 percent respectively.
- At $76, the average price per square foot in 2012 was unchanged versus 2011.
- The average ‘sold’ price was $218,000 in 2012, or just nine-tenths of 1 percent below the 2011 average of $220,000. Meanwhile, 2012 the active price of $293,000 was up 10.2 percent over the 2011 active price of $266,000.
- The average absorption rate based on closed sales for all of 2012 was 22 percent, up 6 percentage points versus the 2011 absorption rate of 17 percent. The average absorption rate based on pending sales was also 22 percent in 2012, up 5 percent versus the 2011 average of 17 percent.
- On average, there were 5 months of inventory based on closed sales for all of 2012. This represents an improvement of 27.2 percent over the 2011 average of 7 months. Based on pending sales, there were, on average, 5 months of inventory. This represents a 26.7-percent improvement versus the 2011 average of 6 months based on pending sales.