Indianapolis Real Estate Report

The number of homes sold in Indianapolis, Indiana increased approximately 8 percent over last month for a total of 592 homes sold.  While this is good news for an Indianapolis real estate market that has struggled through a tough winter it is still a 9-percent decrease compared to the total of 650 homes sold in February of 2009. At 822, the total number of pending sales was also up compared to January’s total of 658.  There were 756 pending sales in February of 2009. The total number of Indianapolis homes for sale climbed approximately 1 percent compared to the previous month to reach 7,029 listings. This is down roughly 4 percent compared to the 7,306 total listings in February, 2009.

Homes spent an average of 91 days on the market in February.  While this is up from January’s average of 88 days it is down compared to the 99 day average of February, 2009.  Sellers realized an average of 95 percent of list in February compared to 94 percent in January and 92 percent in February of 2009.  Buyers paid an average of $56 per square foot compared to $48 per square foot in January.  The average cost per square foot in February of 2009 was $46.

February shined a bit more favorably upon home sellers in January as homes sold for an average price of $111,000 compared to the previous month’s average of just $91,000.  The average ‘sold’ price was just $88,000 in February of 2009.  The average active price was $159,000.

There were approximately 11.9 months’ worth of inventory based on closed sales and 8.6 months based on pending sales.