Carmel Real Estate Market Looks Well-Balanced in April, 2010

From a supply-demand standpoint the Carmel real estate market was looking pretty balanced in the month of April, 2010. Starting with sales, the total number of homes sold rose from 93 in March to 113 in April for a 21.5-percent increase. Compared to April of 2009 when there were just 74 sales this is a 52.7-percent increase.

Also on the rise was the total number of pending sales. With 117 the previous month compared to 161 in April there was an increase of 37.6 percent. Compared to last year’s total of 97 there was an increase of 66 percent.

The total number Carmel homes for sale rose from 823 to 830, an increase of just 0.6 percent in April. Compared to last April this is an increase of just 0.9 percent.

Some other pertinent stats:

  • The average time spent on market dropped from 79 the previous month to 75 in April. This is nearly 10 percent below the 12-month average of 86 days.
  • The sold-list differential in April was 96 percent. It was 95 percent 12 months earlier and averaged 94.75 percent on the year.
  • The average cost per square foot dropped from $90 the previous month to $82 in April for a decrease of 10 percent. The 12-month average is $90 per square foot.
  • The absorption rate based on close sales was 13.6, up 2.3 percent from March.  The absorption rate based on pending sales was up from 14.2 percent to 19.4 percent.
  • The months of inventory based on closed sales dropped from 8.9 to 7.3. Based on pending sales the months of inventory dropped from 7.1 to 5.2.
  • The average ‘sold’ price for homes in Carmel, Indiana dropped 25 percent, from $364,000 in March to $274,000 in April. The average ‘sold’ price in April of 2009 was $258,000.