While there were some minor setbacks for the Indianapolis real estate market in May, 2012, the market showed substantive improvement in several key areas, especially when compared to last year. Take total listings as an example: May marked the 4th straight month that the number of homes listed for sale continued to rise. But while May’s total of 6,076 listings represents a 1.9-percent increase over the previous month’s total of 5,965—and we all know the market does not need more listings—compared May of 2011 this is a 14.4-percent decrease. In another comparison, the average number of homes listed for sale each month, from March through May of this year was down 15.3 percent compared to this same quarter 12 months ago. Of the 6,076 homes on the market in May, 1,629 were new listings. This is on a par not only with the previous month’s total of 1,613, but last May’s total of 1,637 as well. On average, a total of 1,362 homes are placed on the market each month in Indianapolis.
A total of 1,049 closings took place in the month of May, making for a 9.6-percent improvement over the previous month’s total of 957. This is also a 13.7-percent increase over last May’s total of 923 closings. From March through May of this year an average of 954 closings took place, or 14.3 percent more, compared to a monthly average of just 835 closings during this same period in 2011.
May’s total of 973 pending sales, while a disappointing 8.4-percent below the previous month’s total of 1,062, nevertheless represents a 2.9-percent increase over this same month 1 year ago. As well, the 1,044 pending sales logged each month, on average, from March through May of this year represents a 7.2-percent increase over this same period last year.
Some other pertinent Indianapolis real estate market stats:
- Homes in Indy spent an average of 93 days on the market, up by an average of just 1 day versus the previous month. This is also a slight improvement versus last May’s average of 97 days. The 12-month average time on market in Indianapolis is 97 days.
- The average ‘sold’ price of $129,000 was up slightly over both, the previous month’s average of $115,000, and last May’s average of $124,000. The 12-month average ‘sold’ price is $116,000.
- The average active price of $160,000 was also up a bit versus last May’s average of $157,000. The 12-month average active price is $153,000.
- The absorption rate based on closed sales was 17.3 percent, while the absorption rate based on pending sales was 16 percent.
- There were 5.8 months of inventory based on closed sales and 6.2 months of inventory based on pending sales.
- The average price per square foot of $62 was up versus last May’s average of $58.
- The sold-list differential based on original asking price was 87 percent, which is unchanged versus May of 2011, and 3 percent better versus a 12-month average of 84 percent.
- The sold-list differential based on final asking price was 96 percent. This is a tad better versus the 12-month average of 95 percent.
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