Things were not as bad for the Carmel real estate market in June compared to May, when total pending sales shrank by 45 percent. Perhaps still feeling the effects of the recently expired federal tax credit for new home purchases, in June, 2010 total pending sales fell just 10 percent from the previous month’s total of 90. When put against last June’s total of 122 pending sales this is a decrease of 26.2 percent.
But while 10 pending sales exited the pipeline in June, at least 4 of these became closed sales. In all, sales grew in Carmel by 3 percent, from 134 in May to 138 in June. Relative to June of 2009, sales were up 4 percent. In fact, not once since February of 2010 has the total number of sales shrank. The performance of the Carmel real estate market in July will have a lot to do with how many pending sales enter the pipeline in the coming weeks.
The total number of listings rose 4 percent in June as there were 852 Carmel homes for sale compared to 819 in May. Relative to last June’s total of 851 this is a slight increase of just 0.1 percent. But maybe most important is the fact that June’s total of 852 listings represents a 15-month high. There are more sellers than there are buyers at this point. Where’s a good tax credit when you need one! (Oh, that’s right, it expired.)
Some other statistical tidbits:
- Carmel, Indiana homes spent an average of 70 days on market in June. While this is down from last June’s total of 82 days it is an 11-percent increase versus the previous and 14.6 percent below the 12-month average time on market of 82 days.
- Over past 12 months homes have sold for an average of 95 percent of list price. Such was the case in 3 out of the last 5 months, including June, 2010.
- The average price per square foot rose only slightly, from $92 in May to $93 in June. This is just 3 percent over the 12-month average of $90.
- The average ‘sold’ price rose 3.4 percent, from $319,000 in May to $330,000 in June. The 12-month average is 1.85 percent above the 12-month average of $324,000.
- The absorption rate based on closed sales dropped only slightly, from 16.4 percent in May to 16.2 percent in June. The absorption rate based on pending sales fell a bit more, from 12.2 percent to 10.6 percent over this same period.
- There were 6.2 months of inventory based on closed sales and 9.5 months based on pending sales.
- The median sales price was $259,000.