Indianapolis Home Sales - Comparing Foreclosure Sales 2007-2008
Soon, I’ll start pulling together the information for both December 2008 market reports and the year on year comparisons. Last month I started a comparison report for 2007 vs. 2008 of home values and percentages of foreclosures versus the number of homes sold. As December data continues to come in, I will adjust the numbers mid-month.
Well, all I can say is – there are a lot of foreclosures out there which are affecting the average price and the number of resale homes being sold. Mostly, because the low price value of foreclosure homes. Of the 7091 foreclosed homes sold in 2008, 3293 of them sold for $50,000. or less.
The average numbers of homes sold was down every month in 2008, except for the month of September, which, coincidentally, was the last month homebuyers could use a down payment assistance program, such as Nehemiah.
The average price was also down for each month.
Considering the average foreclosure home price was also down, this makes sense. Although there wasn’t a huge difference in the number of foreclosed properties( about 10%) in the Indianapolis area, the percentage of foreclosures was up significantly.
Foreclosures represented a total of 19.8% of last years sales and 27.9% of all sales for 2008.
Last year there were 32,388 sold properties in all of Metropolitan Indianapolis. This year, there were a total of 25,369 homes sold, which means total home sales were down by 27.7%, overall.
I’ll roll out the market reports for individual cities over the next few weeks. If you would like to see your city here, let me know. All information is compiled from the Metropolitan Indianapolis Board of Realtors and is deemed reliable, but not guaranteed.
Have you seen more buyers looking in the last two months since mortgage rates have started coming down?
Ki - There are a lot more buyers in the market. We have also had several who are not qualifying.
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