New Albany Indiana Market Report

By
Real Estate Agent with RE/MAX First AB21301874

Listings as of 2/3/07 – All information deemed reliable, but not guaranteed.

 

Residential - Active

 

2 BR

3 BR

4 BR

5 BR

All BR

# Units

151

205

87

22

465

Average List Price

$91,568

$151,203

$216,845

$279,850

$150,205

Average Market Time

76

89

90

74

84

Average Sq Ft

1126

1598

2065

3346

1615

 

Residential - Pending

 

2 BR

3 BR

4 BR

5 BR

All BR

# Units

20

30

11

3

64

Average List Price

$70,193

$126,863

$162,909

$167,233

$117,242

Average Market Time

47

68

97

9

64

Average Sq Ft

1021

1401

1949

2056

1407

 

Sold – January 2007

 

2 BR

3 BR

4 BR

5 BR

All BR

# Units

7

19

4

1

31

Dollar Value

$386,600

$2,303,717

$744,500

$123,600

$116,632

Average List Price

$59,043

$121,453

$191,200

$129,900

$116,632

Average Sold Price

$55,229

$115,985

$186,125

$123,600

$111,562

Average Market Time

66

130

61

118

106

Average Sq Ft

953

1450

2137

1718

1435

% of List Price

93.54

95.5

97.35

95.15

95.65

 

January 2007 saw a decrease in the number of homes sold compared to 2006 going from 35 to 31.  The price of homes fell 11.7% from $126,284 in Jan 06.  The current Monthly Absorption Rate is 17.03.  The Monthly Absorption Rate is the time it would take for all listings to sell if no other homes were put on the market.  More than six months is considered a buyer’s market while less than six months would be a sellers’ market.  As you can see, we are in a buyer’s market.  What this says is that buyers are taking their time to make their decisions.  There are is a lot of competition between sellers.  This is why it is so important for sellers to get your home priced correctly early so you give yourself the best chance it has to sell.

 

If you have any questions about or would like to know the market conditions for your specific area or neighborhood contact me at bmumaw@semonin.com.

Posted by

Your Best Move for Southern Indiana Real Estate

Brett Mumaw REALTOR®

Semonin Realtors

3707 Charletown Rd. Suite 1A

New Albany, IN 47150

(812) 542-9057 Office

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