There is really no new news when it comes to the Indianapolis real estate market in March 2008. The number of sales are down and the average selling price is also down over March 2007. Here is a look at what happened for sales in March 2007 vs. March 2008:
2007 |
2008 |
% Change |
|
| Active | N/A |
8852 |
|
| Homes Sold | 1168 |
888 |
-24% |
| Average Selling Price | $111,909 |
$94,240 |
-16% |
| Days on Market | 85 |
110 |
29% |
| Price Per Square Foot | $69 |
$56 |
-19 |
Same old story; the number of Indianapolis homes sold is down 24% over last year while the average selling price is down 16%. To add salt to the wound, the average days on the market is up and the average price per square foot is down 19% over last year. The only light at the end of the tunnel I can see is that the difference in the number of Indianapolis homes sold over last year seems to be trending downwards; January saw 30% fewer homes sell, February was 28% and March is 24%.
Hopefully this trend will continue and we can a see a more balanced real estate market in 2008. However, until that happens it is still a buyers market and a great time to buy real estate in Indianapolis. If you are interested in buying Indianapolis real estate, feel free to visit our site and search the Indianapolis MLS for all the homes on the market.
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