Indianapolis Real Estate Market Contracts in September, 2012

That the fall season was upon us was evident in the latest figures for the Indianapolis real estate market. The latest total of 875 closings that took place in September of 2012, for example, represents a sharp, 19.2-percent decrease in sales volume versus the previous month’s total of 1,083. Be this as it may, it is a respectable 7.4-percent improvement compared to where the Indy market was this same time q year ago. And as anyone who follows the market knows, a 1-year comparison yields far more insight into the overall trend of the market than does a simple 1-month comparison. In yet another comparison, we look at the average number of closings that took place from August through September of this year. The most recent figures show an average of 980 homes were sold each month, or 10.6 percent more, compared to this same period 1 year ago.

One stat that was not particular impressive was that of total pending sales. September’s total of 745 was down 25.8 percent versus the previous month’s total of 1,004. Even compared to last year’s total during this same month, it is a 4.5-percent decrease. One positive stat: The average monthly volume of pending sales from August through September of this year was up 10.5 percent versus this same 3-month period in 2011.

And last but not least, the total number of homes listed for sale fell 1.7 percent, from 5,901 in August to 5,799 in September. But what is most striking about the most recent total is that it represents a 14.4-percent decrease in total listings compare to this same month 1 year ago. And from August through September of this year there were, on average, 5,945 homes listed each month relative to this same period 1 year ago, making for a 14.5-percent decrease overall.

View the complete, original report here.