The Indianapolis real estate market has been struggling all of 2009 so far. Reports show that Indianapolis home sales decline for the eighth straight month when looking at August’s numbers. At a rate of almost 13 percent when compared to the same month last year, Indianapolis home sales were suffering around the entire metro area.
A report recently released from the Indiana Association of REALTORS® indicated that approximately 1,800 homes were sold in August of this year, while just over 2,000 were sold this time last year. For their report, the Association looked at the eight counties in the Indianapolis metro area.
The percentage in decrease of the Indianapolis home sales decline was double the average rate across Indiana as studied by the Indiana Association for REALTORS® for the month of July, 2009. This Indianapolis home sales study looked at nearly all Indiana counties and found that the decrease from July ’08 to July ’09 was just over 6 percent. While the Indianapolis home sales decline appeared to be abating, there is concern about the numbers continuing to fall.
The sale of homes around this eight county metro section saw a steeper decline than the rest of the state overall. Hendricks County fared the worse for the year, dropping nearly 30 percent, having 148 sales.
Hamilton County was not far behind Hendricks seeing a near 18 percent decrease, dropping to 386 sold homes.
Marion County’s numbers were a bit better than the average with an 8 percent decline, or 886 Indianapolis homes sold.
Statewide, Indiana experienced a near 12 percent fall in homes sold for August, citing just over 5,000 homes sold overall.
There was good news to report in the average sales price of homes sold statewide which was right around $110,000, holding steady from this time last year.
The stabilization of the value of homes across the state is a good sign to real estate experts. They are hoping that this situation will be a win-win for both buyers and sellers. Stable home values will clearly be a positive for sellers in that they will retain the equity they gained in their homes and be able to buy more in their next home. They will also see their homes sell quicker in a more secure market.
For buyers, more steady home values mean they can feel secure about their investment and the equity they hope to build as they make mortgage payments. While getting a good deal on a bargain home is great in the short-run, in the long-term seeing values increase and hold steady is a good indicator for all owners that homeownership is still a wise financial investment.
Those homeowners currently listing their Indianapolis homes for sale are particularly concerned. There is still hope for a surge of closings to occur by the end of the year as across the city and rest of the country, buyers are still hoping to take advantage of the $8,000 First-time Indianapolis Home Buyer Tax Credit. This credit expires December 1, 2009, however, so if you’re thinking about looking for a home, there is no more time to waste to get started.
Working with an Indianapolis REALTOR® is as important now as ever if you’re interested in how the housing market is affecting your particular area. A REALTOR® can not only help you locate a home but is well-educated in terms of determining the current value of homes across the region.
While numbers are still declining overall, there are indicators of stabilization in the country’s housing market which is good news for today’s homeowners.