That the fall season was upon us was evident in the latest figures for the Indianapolis real estate market. The latest total of 875 closings that took place in September of 2012, for example, represents a sharp, 19.2-percent decrease in sales volume versus the previous month’s total of 1,083. Be this as it may, it is a respectable 7.4-percent improvement compared to where the Indy market was this same time q year ago. And as anyone who follows the market knows, a 1-year comparison yields far more insight into the overall trend of the market than does a simple 1-month comparison. In yet another comparison, we look at the average number of closings that took place from August through September of this year. The most recent figures show an average of 980 homes were sold each month, or 10.6 percent more, compared to this same period 1 year ago.
One stat that was not particular impressive was that of total pending sales. September’s total of 745 was down 25.8 percent versus the previous month’s total of 1,004. Even compared to last year’s total during this same month, it is a 4.5-percent decrease. One positive stat: The average monthly volume of pending sales from August through September of this year was up 10.5 percent versus this same 3-month period in 2011.
And last but not least, the total number of homes listed for sale fell 1.7 percent, from 5,901 in August to 5,799 in September. But what is most striking about the most recent total is that it represents a 14.4-percent decrease in total listings compare to this same month 1 year ago. And from August through September of this year there were, on average, 5,945 homes listed each month relative to this same period 1 year ago, making for a 14.5-percent decrease overall.
Some other Indianapolis real estate market stats to consider:
- Of the 5,799 homes on the market in September, 1,196 were new listings altogether. This represents an 8.8-percent decrease versus the previous month’s total of 1,312 new listings, and a 6.9-percent decrease versus last September’s total of 1,284 new listings. On average, a total of 1,304 new listings have been placed on the Indy market each month, over the past 12 months.
- Homes in Indy spent an average of 85 days on the market in September, compared to an average of 86 days just one month prior. Compared last September’s average of 102 days this is a 16.7-percent improvement. The 12-month average time on market in Indianapolis is 94 days.
- The absorption rate was 15.1 percent based on closed sales and 12.8 percent based on pending sales.
- There were 6.6 months of inventory based on closed sales and 7.8 months of inventory based on pending sales.
- Sellers realized an average of 84 percent of original asking price versus the previous month’s average of 86 percent. 1 year ago, the sold-list difference based on original asking price was just 83 percent. Meanwhile, the sold-list differential based on final asking price was 95 percent.
- The average price per square foot of $60 was unchanged versus both, the previous month, and September of 2011.
- The average active price was $151,000. This is very much on a par with the last September’s average of $153,000, and down just a tick versus the 12-month average active price of $152,000.
- The average ‘sold’ price of $126,000 was unchanged versus last September, although it was up nearly 7 percent versus the 12-month average of $118,000.