Boy, talk about a rough winter: Total sales in Carmel plunged 45.3 percent, from 86 in December to just 47 in January--apparently, folks don’t like to drive on ice-covered streets and in single-digit temperatures! Compared to last January’s total of 50 closed sales, however, this was a significantly less pronounced decrease of just 6 percent. Over the quarter from November of 2010 through January of 2011 the Carmel real estate market averaged 70 sales per month compared to this same period 1 year ago, when there was an average of 83 sales per month.
But what Carmel lacked in closed sales it more than made up for in total pending sales. That’s because in January there were 14.5 percent more pending sales on the books compared to the previous month’s total of just 62. From November, 2010 through January, 2011 there were on average 64 pending sales waiting in the wings compared this same quarter 1 year ago, when there were just 69. Compared to last January’s total of 69 this is an increase of 2.9 percent. In other good news, total listings were down 0.5 percent, from 741 Carmel homes for sale in December to just 737 in January. But alas, this news is somewhat tempered by the fact that this is an 11.2-percent increase versus last January’s total of 663. Not only that, but the average of 749 listings per month that belonged to the period of November, 2010 through January, 2011 represents a 12.6-percent increase versus the same quarter 1 year ago. If Carmelites weren’t exactly thrilled with the average of 85 days on market that their homes spent in January, at least it was a far cry from the 15-month high of 110 days on market that was set just 3 months earlier, in October of 2010. This is also an 11.4-percent improvement versus last January’s average time on market of 96 days. Over the past 15 months homes in Carmel, on average, have spent no fewer than 63 days on market—not bad overall considering this is one of the higher-priced markets in Central Indiana. The 12-month average time spent on market is 83 days.
Some other noteworthy Carmel real estate statistics:
- The average sold-list differential checked in at a respectable 94 percent in January, down just 1 percent from the previous month, albeit up 1 percent from last January’s average of 93 percent. The sold-list differential in Carmel has averaged 93 percent over the past 12 months. But this number is somewhat deceiving, since it includes a very anomalous sold-list differential of 75 percent that occurred in October of 2010—ouch! Other than this, the average sold-list differential in Carmel had fallen below 94 percent just once, in January, 2010.
- While January’s average ‘sold’ price of $319,000 was up just a hair from the previous month’s average of $318,000 it was down a far more significant 16 percent versus last January’s average of $380,000. Not once in the past 15 months has the average ‘sold’ price dropped below $300,000. This would seem to be a point of resistance thus far. The 12-month average ‘sold’ price is $332,000.
- The average active price rose barely ½ of 1 percent, from $419,000 in December to $421,000 in January. Compared to last January, however, this is a nearly 19 percent increase. The 12-month average active price is $452,000.
- If you were a buyer then chances are you were mildly pleased by the average price per square foot for homes in Carmel fell 3.4 percent, from $87 in December to $84 in January. Not only was January’s figure a new 15-month low it was 6 percent below last January’s average of $90 and 5.6 percent below the 12-month average price per square foot of $89.
- The number of months of inventory based on closed sales jumped a significant 82 percent, from 8.6 in December to 15.7 in January. Meanwhile, there were 10.4 months of inventory based on pending sales. This is 8.3 percent above last January’s total of 9.6 and nearly 19 percent above the 12-month average of 8.9 months.
- The absorption rate based on closed sales was 6.4 percent—a significant worsening versus the previous month’s absorption rate of 11.6. The absorption rate based on pending sales was 9.6 percent. While this was a slight improvement versus the previous month it is down from the 12-month average of 12.3 percent.
- The median price was $267,000.
All things considered—ice-covered roads, ample snow, cold temperatures—the Carmel real estate market didn’t fare as badly as it could have. Hopefully, warmer spring temperatures aren’t far away. We could all use it. To view other real estate reports, including up-to-date charts and date please visit this Carmel real estate market reports page.