Leaves weren’t the only thing falling in September, 2011. Unmistakable signs of an Autumn slow-down could be seen in the latest sales figures for the Indianapolis real estate market. Starting with total listings, there were 3.2 percent fewer Indianapolis homes for sale in September versus the previous month, or 6,775 versus 6,997 respectively. What’s more, compared to last year during this same month this is a 13.5-percent decrease. Even the average number of homes on the market per month from July through September of this year was down 13.4 percent versus this same period 1 year ago.
But while fewer homes on the market is a good thing, fewer homes sold is most definitely not. The total number of homes sold in September fell to just 780, down 16.8 percent from the August’s total of 937. Compared to 1 year ago, however, this is only a 0.4 percent decrease. In a positive twist, the average number of homes sold per month from July through September of this year rose 17.9 percent versus this same period 1 year ago.
Total pending sales were also not spared as there were 17.1 percent fewer transactions with a “pending” status in September compared to the previous month. September’s total of 732 also represents a 4.4-percent decrease versus last September.
Other noteworthy Indianapolis real estate stats:
- Further evidence of the Indianapolis market slow-down can be seen in the fact that there were just 1,277 new listings put on the market in September compared to the previous month’s total of 1,555. You’d have to go all the way back to last February to find a figure this low for this statistical measure. The 12-month average number of new listings per month is 1,459.
- Homes in Indianapolis Indiana spent an average of 102 days on the market in September. This is a 9.6-percent rise versus the previous month’s average of 93 days and an 8.5-percent increase versus the 12-month average of 94 days.
- The absorption rate based on closed sales was 11.5 percent, while the absorption rate based on pending sales was 10.8 percent.
- There were 8.7 months of inventory based on closed sales and 9.3 months based on pending sales.
- The median price was $99,000.