First Quarter, 2013 (published April 2013)
Fourth Quarter, 2012 (published January 2013)
Third Quarter, 2012 (published October 2012)
Second Quarter, 2012 (published July 2012)
First Quarter, 2012 (published April 2012)
Fourth Quarter, 2011 (published January 2012)
Third Quarter, 2011 (published October 2011)
Second Quarter, 2011 (published July 2011)
Fourth Quarter, 2010 (published January 2011)
Have more questions after reviewing this? Ask us!
Indianapolis and central Indiana Housing Recovery Builds Momentum
Pended homes sales saw a 13.7% increase. Shelby County led the way with a 49.5% increase; Morgan County saw a 36.3% jump; Johnson County increased 23.2% while Marion County experienced an 8.9% increase year-over-year.
In addition to the number of housing units purchased rising, the average sales price (ASP) in 8 of the 11 Counties surveyed rose. The average increased 5.3% with the strongest gain found in Marion County at 12.7%
At the same time, the inventory of homes on the market in the year-over-year comparison continued to pull back, shrinking another 17.1% during the first quarter. This continuing “draw-down” of inventory has quickly shifted the central Indiana housing market from a buyers market to the beginning of a sellers market. Marion County, the largest, dropped another 15.6% after dropping 15.9% in the fourth quarter of 2012. We believe this reflects a continuation of bank-owned and distressed properties working their way through the market and being absorbed by investor-buyers. With their departure and the relative slowness of the new home construction industry to fill the developing void,
we believe the sellers market will continue through the summer months and possibly into 2014. Its a great time to be thinking of selling your home and buying another property.
These continue to be very good signs for real estate and reflect a continuation of the trends we’ve been tracking over the past 18 months. In fact, these trends are building momentum as we begin the second quarter.
At Carpenter, we are enjoying growing optimism about the future of housing in central Indiana. We do anticipate some mild volatility as the Federal government works through their fiscal issues, but do not see a derailment of the momentum already established.
We hope you find these quarterly editions of Carpenter Reports and the data it provides helpful in your understanding of the central Indiana housing market.
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