That the fall season had descended on the Indianapolis real estate market was evident based on decreases in at least 2 key stats: total closed sales and total pending sales. October, 2011 marked the second consecutive month that the total number closings fell, this time by 9.1 percent. However, the 737 closings that took place in October represents an 11.8-percent increase in total sales versus this same month 1 year ago. So at least in this regard the Indianapolis market has improved. What’s more, there were on average 831 closings per month from August through October of this year, or 17 percent more, compared to this same period 1 year ago.
Total pending sales were also down by 10.7 percent versus the previous month’s total of 767. Compared to last October’s total of 625, however, the market was up 9.6 percent in this statistical category. Also, it’s worth noting that the average number of pending sales per month was up 3.9 percent from August through October of this year versus this same quarter in 2010.
For the fourth consecutive month the total number of Indianapolis homes for sale fell as there were 4.9 percent fewer homes on the market in October versus the previous month’s total of 6,775. Even better for the Indianapolis real estate market was the fact that, compared to last October’s total of 7,442, listings were down 13.4 percent. Even in a quarterly comparison, the average number of homes on the market per month from August through October of this year was down 13.4 percent.
Some other Indianapolis real estate market stats:
- Of the 6,445 homes on the market in October 1,278 came in the form of new listings. This is down 6.2 percent versus last October’s total of 1,362. The 12-month average number of new listings is 1,452.
- Homes in Indianapolis Indiana spent an average of 99 days on the market in October. This is slightly worse than the 12-month average time on market which is right at 95 days.
- The average active price for Indianapolis homes was $151,000, while the average ‘sold’ price was $111,000.
- There were 8.7 months of inventory based on closed sales and 9.4 months based on pending sales.
- The absorption rate based on closed sales fell 11.4 percent, while the absorption rate based on pending sales was 9.4 percent.
- The median price was $92,000.