The Indianapolis real estate market made significant strides in January of 2012. Yes, sales fell 15.6 percent, from 720 in December to 608 in January. But January has historically been one of the slowest months for real estate in Central Indiana. But compared to last January’s anemic total of just 484 sales this represents a very healthy 25.6-percent improvement. Also, from November of 2011 through January of this year there were on average 677 sales per month, or 13.4 percent more, compared to this same quarter 1 year ago.
Positive growth was also seen in the area of pending sales, as there was a 16.9-percent increase in the number of pending sales in the January pipeline. Also, January’s total of 713 pending sales represents a 17.3-percent increase versus 1 year ago. From November of 2011 through January, 2012 there were on average 666 pending sales per month, or 13.7 percent more, compared to this same quarter 1 year ago, when the per-month average was just 586.
There were 5,528 Indianapolis houses for sale in January, 2.4 percent fewer, compared to the previous month’s total of 5,662. More importantly, this represents a 17-percent decrease versus January’s total of 6,660. This is a very positive direction for a market that suffers from an excess of inventory. Finally, the Indianapolis real estate market saw a 15.7-percent reduction in the average number of listings per month from November of 2011 through January of this year compared to this same quarter 1 year ago in Indianapolis Indiana, or 5,790 versus 6,868 respectively.
Some Other Pertinent Indianapolis Real Estate Market Stats:
- Homes in Indy spent an average of 103 days on the market in January, up 6.2 percent versus the previous month’s total of 97, and also up 10.8 percent versus last January’s average of 93 days. The 12-month average time on market in Indianapolis is 98 days.
- Homes sold for an average of 80 percent of list price and an average of 94 percent of final list price. These figures measured 88 and 93 percent last year respectively. The 12-month averages are 85 and 94 percent respectively.
- January’s average ‘sold’ price of $103,000 was down 2.8 percent versus January of 2011, while the average active price of $147,000 was up ever-so-slightly versus January of 2011.
- The absorption rate was 11 percent based on closed sales and 12.9 percent based on pending sales.
- There were 9.1 months of inventory based on closed sales and 7.8 months of inventory based on pending sales.