BiggerPockets

Today let’s take a look at how the Noblesville homes for sale market is doing in 2012 so far.  Here are some detailed number for homes sold in Noblesville Indiana for February 2012:

And our price graph:

The Noblesville Indiana real estate market is hopefully following the trend we are seeing with the other areas we have already looked at this month.  January started out with a bang showing 34% more homes selling in 2012 vs. 2011.  However, February backed off and the number of homes sold in February 2012 is almost exactly the same as last year.  The average sales price is relatively unchanged for the 2012 market so far.  

The foreclosure market in Noblesville is a bit more active than its neighbors of Fishers and Carmel.  29% of all the homes sold in Noblesville are a result of foreclosures or short sales in 2012.  This is most likely due to the fact that Noblesville’s prices tend to cater to first time home buyers.  Overall, the Noblesville Indiana real estate market is not bad; the absorption rate is still pretty manageable with a 6.79 month’s supply of homes currently on the market.  These super low interest rates should help drive new homeowners into the market and hopefully provide a boost the market.  

Fishers Indiana real estate is also seeing an increase in sales activity across for 2012 vs. 2011 so far this year.  Here are the numbers for Fishers Indiana real estate for February 2012:

And of course our 3 year price graph:

As you can see Fishers is off to a great start in terms of number of homes sold.  We saw a 26% and 32% increase in the numbers of homes in Fishers sold in 2012.  The average sales prices is a mixed bag with a 9% increase in January and an 8% decrease in February.  Average sales price can be a bit and it more prone to fluctuations that the number of homes sold so we will have to wait for a little more date before we call this one.  

One thing I did notice is that for some reason the number of foreclosures/short sales in the Fishers market shot up in February.  Typically, Fishers see anywhere from 10-15% of all homes sold as a result of foreclosures / short sales.  However, in February 30% of all homes sold in Fishers Indiana were a result of the distressed market.  This is something to watch very closely as they are predicting an increase in foreclosure activity since the Robo Signing debate has been settled.  

Foreclosures aside, Fishers appears to be rebounding like the other communities we have reported on so far.  The number of homes selling appears to be steadily increasing and the market fundamentals remain strong.  The absorption rate is great at 5.59 month’s supply of homes currently on the market and the days on the market is down 6% over last year.  This should be a good year for Fishers real estate.  

Time to see what the Carmel homes for sale market is doing as of February 2012.  Here are the numbers for the months of February for sold homes in Carmel Indiana:

And our 4 year price history graph:

While not as dramatic as the Indianapolis report from yesterday, Carmel is seeing the same trend as Indianapolis with an increase in sales activity since the beginning of the year.  January saw a 10% increase and February had the same amount homes in Carmel Indiana sell as in 2011.  The average selling price has been down slightly for both months in 2012 with a 4% decrease for January and February.

The foreclosure / distressed market in Carmel is nothing compared to the Indy market.  While in Indy we see near ½ of all sales are made up of foreclosures, in Carmel Indiana real estate we are seeing approximately 10% of all sales from the foreclosure/short sale category.  

As in Indianapolis, Carmel is poised for a comeback in 2012.  The absorption rate is very manageable at only a 6.41 months’ supply of homes and it appears we might see a surge in sales activity.  Again, the feeling on the ground is optimism and the good homes are selling fast.  We have had TONS of situations in the past 60 days where there have been multiple offers on homes.    Hopefully, this will be a great year for Carmel Indiana real estate. 

 

Let’s take a look at the Indianapolis homes for sale market and see how it is starting out the 2012 year.  Here are some detailed numbers for the month of February 2012:

And our 4 year price history chart:

For the first time in 3 years, we are seeing an increase in the number of homes sold in Indianapolis!  This is very very very exciting.  The average sales price is up a little bit with a 1% increase in February, but the really exciting news the 35% and 12% increase in number of homes sold in the first two months of this year for Indianapolis Indiana homes for sale.  

The foreclosure market will continue to plague the market especially in Indianapolis versus the outlying suburbs.  We are still seeing almost ½ of all home sales as a result of foreclosures with 43% of all sales in both January and February from some sort of distressed homes.  

There is a sense of optimism in the real estate community and the feeling on the ground is that we have turned the corner.  Everyone seems to be busier than in recent memory and there is reason to believe 2012 will be a great year for real estate in Indianapolis.

One of the most popular and affluent communities in the Indianapolis metro area is the suburb of Carmel.  Today, let’s look at the trend for the number of homes for sale in Carmel Indiana.  Here is a three year chart showing the number of units sold in Carmel:

As you can see the general trend is more homes sold in 2011 vs. 2010.  In fact, the number of homes sold in Carmel is up 10% over last year.  Six of the last seven months in a row have resulted in an increase in the number of homes sold.  The average price for homes in Carmel is a bit more erratic but still only off 2% year over year.  Let’s hope this trend of more sales activity continues as this can only lead to increased demand and increases in sales prices.  

Time to take a look again at the number of homes sold in Indianapolis.  Here is a look at the number of homes sold month by month for the past three years:

If you average out these numbers and compare 2011 vs 2010 you would actually see a 6% decrease in the number of homes sold in 2011 vs 2010.  However, that would neglect the trend that has shown an increase in the average number of homes sold Indinaapolis for the past 6 months.  In fact, for the previous 6 months we have seen a big increase in the number of Indianapolis homes sold with some months showing as much as a 39% increase.  We expect to see this trend continue into 2012 and hopefully we will see prices level off and perhaps even increase as well.