The Indianapolis real estate market seems to pretty much staying the same from the beginning of the year. The number of Indianapolis homes sold is still down substantially over last year and the average selling price is also down. Here is a look at what happened on the Indianapolis market for homes under $500,000:
2007 |
2008 |
% Change |
|
| Active | N/A |
8937 |
|
| Homes Sold | 1396 |
1041 |
-25% |
| Average Selling Price | $117,648 |
$109,713 |
-7% |
| Days on Market | 83 |
87 |
5% |
| Price Per Square Foot | $72 |
$65 |
-10% |
The one piece of good news I can see from this report is that the average selling price is down by only 7% over last year. While this may seems terrible at first glance, it is actually a vast improvement over the 20% decrease we saw back in January. The absorption rate, or number of months supply of homes currently on the market, is 9.37 which still indicates a buyers market.
If you would like to take advantage of this buyers market, please visit our website where you can conduct your Indianapolis real estate search with our powerful MLS search function. In addition, if you would like to visit our Indianapolis foreclosures page you can view all of the foreclosures on the Indianapolis market.
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