Whether or not the Carmel real estate market was deemed a success or failure in September depended on your frame of reference. Actually it wasn’t quite that simple, but close to it. Total sales, for example, took a turn for the worse as the 112 closings that took place in September represents a 22.8-percent decrease versus the previous month’s total of 145. But if we expand the window of comparison to include September of 2010 the most recent figure represents a 21.7-percent increase in total sales. Also, from July through September of this year there were, on average, 136 closings per month, or 20.4 percent more, relative to this same period 1 year ago. In in 2 out of 3 statistical comparisons, the news is actual positive.
Such was also the case for pending sales, as there were just 91 pending sales in September—15.7 percent fewer—compared to the previous month’s total of 108. But compared to last September’s total of 70 the most recent figure is actually a 30-percent improvement; not to mention the fact that there were on average 115 pending sales per month, or 22.3 percent more, from July through September of this year versus this same 3-month period in 2010.
Compared to the Indianapolis real estate market, which underwent a 3.2-percent drop in total listings versus the previous month, there were 2.1 percent fewer homes on the Carmel real estate market over the same period. Versus September of 2010, there were 4.7 percent fewer Carmel homes on the market. Finally, From July through September of this year there were on average 1.8 percent fewer homes listed for sale on a per-month basis compared to this same period last year.
Some other Carmel real estate stats:
- Homes in the Carmel Indiana area of central Indiana spent an average of 94 days on the market in September. The 12-month average is 92 days.
- The absorption rate based on closed sales was 13.9 percent, while the absorption rate based on pending sales was 11.3 percent.
- There were 7.2 months of Carmel inventory based on closed sales and 8.9 months based on pending sales.
- The average ‘sold’ price was $338,000, while the average active price was $450,000.
- The median price was $298,000.