Carmel Sees Big Decreases in Total Sales – July 2010

The Carmel real estate market followed suit with a majority of other central Indiana towns that saw significant decreases in total sales, albeit to a somewhat lesser extent. The total number of homes sold dropped 26.8 percent, from 149 in June to 109 in July, 2010. This is a smaller decrease of just 16.8 percent when compared to last July’s total of 131 sales. Also moving in a southerly direction was the line for total pending sales as there were 11 fewer in July (97) compared to June (108). However, relative to June of 2009, when there were 130 total pending sales, this is a much more significant drop of 25.4 percent.

Reaching a new 15-month high was the total number of homes listed for sale. In July, there was a grand total of 856 Carmel homes for sale. Compared to the previous month’s total of 852 this is an increase of just 0.5 percent. Compared to a year ago this same month the increase was a slightly greater at 2.8 percent.

While still far from the 15-month high of 103 days on market that was set in February of 2010 the average total time spent on market days in July of 75 represents an increase of rose 8.6 percent from the previous month’s average of 69 days. This nearly matches last July’s average of 74 days and is 8.6 percent below the 12-month average of 82 days. Over the past 12-months, homes in Carmel have never averaged fewer than 63 days on market.

Sellers in Carmel have demonstrated a slightly greater flexibility with respect to price compared to those in other nearby central Indiana cities over as Carmel homes have sold for a little as 93, but never more than 96, percent of list price over that past 15 months.  In July, homes averaged 96 percent. This was just 1 percent above the 12-month average of 95 percent.

Some other relevant stats:

  • Over the past 15 months the average price per square foot has never fell below $82, and never risen above$ 93, per square foot. At $91 per square foot in July it was just a shade below the previous month’s average of $92 and just 3.4 percent above last July’s average of $88. The 12-month average is $90.
  • The average ‘sold’ price rose 8.3 percent, from $323,000 in June to $350,000 in July. This is nearly 15 percent above last July’s average ‘sold’ price of $305,000. The 12-month average is $327,000.
  • The average active price of $460,000 was down just a bit from the previous month’s average of $465,000 and down 13 percent from the 12-month average of $509,000.
  • There were 7.9 months of inventory based on closed sales and 8.8 months based on pending sales.
  • The absorption rate based on closed sales was 12.7 percent while the absorption rate based on pending sales was 11.3 percent.
  • The median price was $295,000.