What decline in average price has your neighborhood experienced from 2006 to 2008? We all know the decline for the Indianapolis area is right around 7%. If you are lucky enough to own a home in Fishers or in Hamilton County, your decline was only on average 3.6%, but Marion County has seen a 13.1% decline. As with any national or regional news, we need to be sure we apply it at the lowest level to really understand the dynamics. So let's look at a few neighborhoods in the Fishers Real Estate Market that have seen negative decline in values and a few that have actually increased in values.
Let's look at the declines first. The largest decline happened in one of my most favorite neighborhoods, Timber Springs. It is showing a decline of 16.8%. This phenomena can somewhat be explained, neither of the two homes that sold in 2008 had basements. All of the homes in 2006 did have basements. Whether it would be worth the $50,000 difference is still questionable. The 2nd highest was Covington Estates located near 96th and Lantern Road with a 14.2% decline. The most surprising neighborhood is Gray Eagle which is a golf community and is primarily built by Pulte. Probably the most expected neighborhood is Brooks Chase. There have been many bank owned, pre-foreclosure, and "as is" type homes selling in there lately and many investors are taking advantage of the low prices. The Winderemere neighborhood is specifically for Crosswinds and does not include Woods Edge homes. Also included are Sweet Briar (avg price at $175,000) at 126th and Cumberland, River Glen (average price at $240,000) at 116th and Allisonville and Eller Run (average price at $173,000) off of Eller and 106th.
Now let's look at the neighborhoods that seem to be weathering the "decline" more successfully.