A few glitches aside, the Indianapolis real estate market showed improvements in several key areas, making for a solid month of performance in June of 2012. But first, about those “glitches”…
Total pending sales, always a good indicator of things to come, fell 9.8 percent, from 1,039 in May to just 937 in June. Why this is not altogether a bad thing is because, compared to June of 2011, it is actually a 2.2-percent increase in pending sales. Also, from April through June of this year there were, on average 1,016 pending sales per month, or 6.8 percent more, relative to this same period 1 year ago.
Following a similar theme to our previous stat is that of total listings. While it is true that the market is saturated with listings, and therefore a 1.3-percent increase in total listings represents a bad thing, it is also true that, compared to last June’s total of 7,256 listings, the most recent total of 6,152 in June, 2012 represents a sizable decrease of 15.2 percent. Also, from April through June of this year there were 14.9 percent fewer Indianapolis homes for sale compared to this same period last year, or 6,064 versus 7,124 respectively.
One stat that was good no matter how you looked at it concerned sales. A total of 1,089 closings took place in June, or 1.4 percent more, compared to the previous month’s total of 1,074. In fact, June marked the 4th straight month that sales have increased ever since hitting a 15-month low of just 633 in January. But even better is the fact that our most recent figure represents a 7.7-percent increase in total sales when compared to last June’s total of 1,011. Finally, from April through June of this year an average of 1,040 closings took place each month, 13.3 percent more, compared to this same quarter in 2011.
Some other interesting stats for the Indianapolis real estate market:
- Indianapolis homes spent an average of 87 days on the market in June, down 6.5 percent compared to the previous month’s average of 93 days, and down 7.4 percent relative to last June’s average of 94 days. In fact, over the past 12 months, homes in Indianapolis have averaged no fewer than 87 days on the market. The 12-month average time on market in Indianapolis is 96 days.
- The absorption rate based on closed sales was 17.7 percent, while the absorption rate based on pending sales was 15.2 percent.
- Buyers paid an average of just $63 per square, making Indianapolis homes a real bargain, despite the fact that last June’s average price per square foot was only $58. The 12-month average is $57.
- There were 5.6 months of inventory based on closed sales and 6.6 months of inventory based on pending sales.
- The average active price of $157,000, although down slightly versus the previous month’s average of $160,000, was unchanged versus June of 2011. The 12-month average active price is $153,000.
- The average ‘sold’ price was $135,000. This is up 9.8 percent versus June of 2011, and up an even greater 15.4 percent versus the 12-month average ‘sold’ price of $117,000.
- The median price was $116,000.
View other Indianapolis Real Estate Market Reports.