For the fourth consecutive month, the number of Indianapolis homes listed for sale fell, most recently by 4.6 percent as there were 5,530 listings on the Indy market in October, 2012. But what stands out is not the fact that there were fewer listings on the market versus the previous month’s total of 5,799—considering the time of year, this is hardly unexpected in any Central Indiana real estate market—it’s that this represents a 14.2-percent decrease in total listings versus this same month 1 year ago. What’s more, from September through October of this year, there were 14.8 percent fewer homes on the market each month relative to this same quarter last year. Fewer listings on the market can only be a good thing for sellers considering this has been a buyer’s market for nearly 4 years and counting.
Another very positive statistical development was seen in the latest figures for pending sales. Not only does October’s total of 862 represents a 5.8-percent increase versus the previous month’s total of 815, but versus October of 2011, it is a much larger increase of 16.5 percent. This bodes well for the near-term future of the Indy market. In another comparison, the average number of pending sales, September through October of this year, rose 11.3 percent relative to where the market was during this same 3-month period last year.
And for the trifecta, the most recent total of 904 closings, while off by just a single closing, nevertheless represents a hefty increase of nearly 19 percent in total sales versus 1 year ago. And, from September through October of this year, there was 14.8 percent more sales activity on a monthly basis relative to this same quarter in 2011.
Some other Indy real estate market stats worth mentioning:
- Indianapolis homes were averaging 89 days on the market as of October. This is up 2.4 percent versus the previous month’s average of 83 days, but down 11 percent versus last October’s average of 100 days. Over the past 12 months, Indy homes have averaged no fewer than 85 days on market, and no more than 103. The 12-month average time on market in Indianapolis is 93 days.
- There were 6.1 months of inventory based on closed sales and 6.4 months of inventory based on pending sales.
- The average price per square foot of $58 was down just 4.9 percent versus the previous month’s average of $61. Versus last October’s average of $54, however, it was up 7.4 percent. The 12-month average price per square foot is $57.
- The absorption rate was 16.3 percent based on closed sales and 15.6 percent based on pending sales.
- The sold-list differential based on original asking price was 85 percent. This is up versus the previous month’s average of 83 percent, as well as last October’s average of 91 percent. Based on final asking price the = sold-list difference was 95 percent.
- The average active price in Indianapolis was $150,000. This is down only slightly versus the previous month, and versus last October, both of which averaged $151,000. The 12-month average active price is $152,000.
- The average ‘sold’ price was $121,000. This is down 4.7 percent versus the previous month’s average of $121,000, although it is up by 10 percent compared to last October’s average of $110,000. The 12-month average ‘sold’ price, including the most recent month, is $191,000.
- The median price for Indianapolis homes in October was an even $100,000.