Indianapolis Real Estate - Market Report - October 2007

I don’t normally like to do a report just on Indianapolis real estate because I feel that it too broad of a search to get a realistic picture of what is going on in the marketplace.  However, it does provide some good overall data that can be used to compare with some more local statistics.  So, I will give the Indianapolis numbers and then follow it up broken down by townships so that we can see how the individual townships fare as compared to the overall market. 

October 2007 had 822 Indianapolis homes sell with an average selling price of $101,923.  The average home in 2007 was on the market for 89 days and received 96% of the asking price.  This is in comparison to October 2006, when 1143 homes sold on the Indianapolis real estate market with an average selling price of $112,170.  In 2006, it took on average 85 days to sell a home and it received 97% of the asking price.

As you can see the number of homes and the average selling price are down for October 2007.  The number of units sold was down 28% over last year and the average selling price was down 9%.  As of today, there are 9,811 homes on the market in Indianapolis.  Over the past 12 months 13,321 homes sold; this means that if no homes were added to the market there is an 8.84 months supply of homes on the market. 

While I wouldn’t want to be trying to sell an average home in Indianapolis right now, it is a great time to pick up a home at a fantastic price.  If you are looking for an Indianapolis real estate agent, let Mike Taylor at Rebate Real Estate put his years of experience and local knowledge to work for you and offer you a 50% commission rebate.

All of the numbers reported are based on homes sold in Indianapolis under $500,000.

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