With several key indicators moving in a positive direction the Indianapolis real estate market was on the right track in April, 2009. Starting with the total number of homes sold, from 983 completed sales in March compared to 1037 in April there was an increase of 5.5 percent. This is an even greater increase of 16.5 percent compared to April of 2009. Moving on to our next statistical category, there were 1185 pending sales in March compared to 1344 in April—an increase of 13.4 percent. Compare to 1061 pending sales in April of 2009 this was an increase of 26.7 percent.
With respect to the total number of Indianapolis homes for sale we were reminded that this is still a buyer’s market as the total listings climbed 4.8 percent, from 7432 in March to 7789 in April. Compared to last April this is an even greater increase of 6.1 percent. What’s NOT troubling about the increase in total listings is the fact that it has been out-paced by increases in total sales, both pending and closed. This has positive implications from a supply-demand standpoint.
Homes for sale in Indianapolis, Indiana spent an average of 79 days on market in April. While not ideal this is not bad considering that other areas have fared far worse, not only in Indiana, but the nation as a whole. Even compared to April of 2009, when Indy homes spent an average of 92 days on market, this is a 14.2 percent improvement. The 12-month average time spent on market is 82.6.
Over the past 15 months the average sold-list differential in Indianapolis has never dropped below 92 percent. The month of April held true to this stat as sellers received an average of 95 percent of list.
The average price per square for all Indianapolis homes was just $57 in April. However, this stat changes significantly when we limit our analysis to only homes priced at a minimum of $100,000. Homes in this price range carried an average cost per square foot of $72.
Some other pertinent stats:
The absorption rate based on closed sales was 7.5 percent, while the absorption rate based on pending sales was 5.8 percent.
There were 7.5 months of available inventory based on closed sales, while there were just 5.8 months based on pending sales.