If there is one thing about the Indianapolis real estate market for the first part of 2008, it is consistent. Here is a quick glance at what happened in May 2008 for Indianapolis homes under $500,000:
2007 |
2008 |
% Change |
|
Active | N/A |
8937 |
|
Homes Sold | 1459 |
1042 |
-29% |
Average Selling Price | $115,834 |
$107,057 |
-8% |
Days on Market | 84 |
88 |
5% |
Price Per Square Foot | $72 |
$63 |
-13% |
The same pattern as previous months is emerging; number of homes sold is down 29% and the average selling price is down 8% over 2007. The average sales price seems to have lost less this month than in previous months. An 8% decrease in sales price is actually quite an improvement over the first quarter of 2008 when the average sales price was down 19%, 13%, and 16%.
There are currently 8937 homes on the market through the Indianapolis MLS and over the past 12 months 12,102 homes have sold. This means there is currently an 8.86 months supply of homes on the market. Over the next few days I will be reporting on Carmel real estate and Fishers Indiana homes and they should have a much lower absorption rate indicating a more healthy real estate environment. What this means is that it is a great time to purchase a home in Indianapolis and get a great deal. If you are interested in Indianpolis real estate, visit our website to access all the homes for sale and qualify for you commission rebate.
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