Indianapolis Real Estate Market Report - November 2008
There are currently 7990 homes for sale in Indianapolis in Marion County. Across the board there are fewer homes on the market along with fewer sales in general.
Wayne Township and Center NE both increased the number of sales over last month. There were 703 property sales in November which represents 8.8% of the current inventory.
Last month sales equaled 9.4% of the inventory.
|
Township |
Active |
Sold |
Average Price |
Highest Price |
|
|
|
|
|
|
|
Wayne |
965 |
123 |
$56,828 |
$215,000 |
|
Pike |
689 |
65 |
$127,425 |
$850,000 |
|
Washington |
1147 |
109 |
$194,927 |
$2,200,000 |
|
Lawrence |
999 |
86 |
$112,930 |
$629,500 |
|
Warren |
976 |
84 |
$66,636 |
$185,000 |
|
Franklin |
527 |
35 |
$132,234 |
$462,800 |
|
Perry |
609 |
65 |
$100,871 |
$229,000 |
|
Decatur |
232 |
34 |
$91,880 |
$240,000 |
|
Beech Grove |
71 |
5 |
$67,500 |
$98,500 |
|
Speedway |
51 |
7 |
$112,596 |
$153,000 |
|
Center NE |
1015 |
71 |
$61,463 |
$732,675 |
|
Center NW |
180 |
12 |
$19,858 |
$100,000 |
|
Center SE |
469 |
41 |
$21,303 |
$92,000 |
|
Center SW |
61 |
6 |
$22,943 |
$42,000 |
- The average price for Indianapolis home sales was $95,977.
- The average home was three bedroom, two baths with 1587 square feet.
- The average days on market was 93 days.
The highest priced home sold was in Washington Township at Clearwater Pointe; a six bedoom, 8 bath home with 8225 square foot, which sold for $2,200,000.
There were two lowest price homes, selling for $3000. each. Both were bank owned, two bedroom, 1 bath homes in need of rehab. One was located at Rural and 17th; the other at 34th and Keystone.
Of the 703 homes sold in November, 315 homes were distressed property sales. I believe that is a record number; it represents almost 45% of the homes sold in Marion County last month were in some stage of foreclosure or were bank owned.
There were 201 foreclosed properties which sold for less than $50,000.
The highest priced distressed property sale was in Lawrence Township at Feather Cove at Geist. The home featured 4 bedrooms, 8 baths, a deeded dock, 7619 square feet and sold for $553,100.
The average price for distressed property sales was $47,967. Average days on market and absorption rate will vary by price range.
Statistics were obtained from the Metropolitan Indianapolis Board of Realtors (MIBOR) data and are representative of Indianapolis homes which were sold between 11/1/2008 and 11/30/2008 and were listed on the Indianapolis BLC; private sales are not included. All information is believed to be accurate, but is not guaranteed.
Indianapolis Real Estate Blog, written by Paula Henry, an Indianapolis real estate agent and team leader of The Home to Indy Team, serving the Indianapolis real estate markets.
Contact Paula – 317–605–4174
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