The Indianapolis real estate market was a reflection of the Central Indiana market as a whole, which is to say significant improvements were seen across a broad range of metrics in 2012 compared to 2011. Not the least of these improvements was a 14.7-percent increase in the number of homes sold, from 9,404 for all of 2011 to 10,792 for all of 2012. In terms of averages, a total of 899 closings took place each month during 2012 compared to just 784 per month during 2011. From October through December of 2012, an average 844 closings took place each month, or nearly 16 percent more, compared to this same quarter in 2011. The bottom line is that 1,388 more homes were sold in 2012 compared to 2011.
Total pending sales was an area of great improvement as well, as a total of 11,013 pending transactions were reported during all of 2012 compared to a total of 9,685 during all of 2011. This translates to a monthly average of 918, or 13.8 percent more, for 2012 compared to just 807 per month, on average, for all of 2011. In yet another analysis, there were 783 pending sales reported per month, on average, from October through December of 2012, compared to an average of 674 per month during this same period in 2011.
One of the most noteworthy stats came in the form of a 15.3-percent decrease in the total number of homes for sale in 2012 compared to 2011. In terms of hard numbers, there were 12,359 fewer homes on the market in 2012 versus 2011. And of the 68,317 homes on the market in 2012, 15,296 were new listings, or 22.4 percent. Contrast this to 2011, when there were 80,676 homes on the market, 16,969 of which were new listings, or 21 percent. On average, 1,414 homes were placed on the Indy market each month during 2011, compared to an average of just 1,275 per month during 2012. While the number of new listings represented a greater share of total listings in 2012 compared to 2011, this is only because there were so many more homes on the market during 2011.
Some other Indianapolis real estate market stats to consider:
- Homes spent an average of 91 days on the Indy market in 2012, 6.2 percent less time, compared to an average of 97 days in 2011. Sellers realized an average of 85 percent of original asking price for all of 2012, compared to an average of 86 for all of 2011. Based on final asking price, the sold-list difference was 95 percent in 2012 compared to 94 percent in 2011.
- The 2012 average price per square foot rose 3.6 percent, from $56 in 2011 to $58 in 2012.
- The average ‘sold’ price of $119,000 for all of 2012 represents an increase of 3.5 percent over the 2011 average of $115,000.
- The average active of $152,000 in 2012 was unchanged versus 2011.
- The average absorption rate based on closed sales in 2012 was 16 percent. This is up by 4 percentage points over 2011. Based on pending sales, the average absorption rate was also 16 percent in 2012 compared to 12 percent in 2011.
- On average, there were 7 months of inventory on the market in 2012 based on closed sales, and 6 months based on pending sales. These same averages for the year 2011 were 9 and 9 respectively.