Greater Indy Metro Real Estate Market Improves Significantly in 2012

It’s easy to get lost in the short-term market fluctuations that occur from one month to the next. But in the world of statistics, it is the bigger picture that matter most. With this in mind, we look at the greater Indianapolis metro real estate market and the nine counties that comprise it, including Boone, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Morgan and Shelby.

Looking at this year’s numbers, the one thing that stands out is that the market was significantly improved in 2012 compared to where it was in 2011. This can be seen in at least three very important indicators: closed sales, pending sales and listings.

With respect to home sales, it should be noted that month of December, 2012 marked to 20th straight month for which the total number of homes sold during that month exceeded the previous year’s total for the same month. But there were several other improvements seen in 2012 compared to 2011. There were 23,292 fewer homes on the greater Indy market for all of 2012 compared to 2011. The 2012 average of 12,721 listings per month represents a 13.2-percent reduction compared to the 2011 average of 14,662 listings per month. In December of 2012, there were 10,388 homes on the market, or 28.8 percent fewer, compared to 14,595 homes 1 year ago. From October through December of 2012, there were, on average, 11,352 homes listed each month, nearly 15 percent fewer, compared to this same quarter 1 year ago. And of the 152,656 homes on the market during all of 2012, 34,619 were new listings, or 22.6 percent. Compared to all of 2011, when 21.2 percent of the homes on the market were new listings this represents a slight increase of 1.4 percent.

View the complete, original report here.