While the Indianapolis market showed some slight progress in August, the word “slight” cannot be overemphasized. First, the good news: There was a modest 2.8-percent increase in total sales, from 891 in July to 916 in August. While this may not seem like much versus the previous month it represents a healthy 33.1-percent increase in total sales compared to 1 year ago, when there were just 688 sales. In a quarterly view, there were on average a total of 939 closings per month from June through August of this year, or 10.5-percent more, compared to this same period 1 year ago.
Another positive development for the Indianapolis market was a downturn in the total number of Indianapolis homes for sale (6,997) versus the previous month’s total of 7,085. Not only is this a 1.2-percent decrease versus the previous month, it is a more significant, 13.4-percent improvement versus last August’s total of 8,076. What’s more, the average number of homes listed on the Indianapolis real estate market from June through August of this year was down 12 percent versus this same quarter in 2010.
And now for the not-so-good news: Total Indianapolis pending sales fell 2.2 percent, from 832 in July to 814 in August, 2011. Worse yet, this is a 6.3-percent decrease in total pending sales compared to this same time 1 year ago. If there is a positive spin to be found in the most recent pending sales figures then surely it derives from the fact that there were, on average, 5.6 percent more pending sales making their way through the sales pipeline from June through August of this year versus this same period 1 year ago.
Some other noteworthy Indianapolis real estate market stats:
- Homes in Indianapolis Indiana fetched an average ‘sold’ price of $117,000 in August, down 7.1 percent versus the previous month’s average of $126,000. However, not only is this a 2.6 percent increase versus August of 2010 it is nearly 2 percent above the 12-month average ‘sold’ price of $115,000.
- The average active price in Indy fell ever-so-slightly over this same period, from $155,000 to $154,000. The 12-month average is also $154,000.
- Buyers benefited, albeit barely, by a lower average price per square foot of $58. This is only slightly above the 12-month average price per square foot of $6.
- The absorption rate based on closed sales was 13.1 percent, while the rate based on pending sales was 11.6 percent.
- The median price was $95,000.