Pike Township Real Estate - October 2007

The Indianapolis real estate market in Pike Township seems to be following the same basic trend as the rest of greater Indianapolis.  The number of homes sold is dramatically down and the average selling price is down slightly.  Let’s take a look at some details…

Active:

There are currently 829 Indianapolis houses active on the market in Pike Township as of today.  The average home is listed for $142,046 and is priced at $79 per square foot.  In October, 150 homes were added to the market with an average asking price of $139,870.

Sold:

There were 76 homes that sold in October in Pike Township with an average selling price of $128,244.  On average, it took 99 days to sell, sold for 97% of the asking price and sold for $73 per square foot.  In comparison, October 2006 had 125 homes sell with an average selling price of $131,766.  In October 2006, it took 92 days to sell, sold for 97% of the asking price, and sold for $76 per square foot. 

As you can see, the number of homes sold is way down and 39% fewer homes sold in Pike Township this year as compared to last.  The average selling price was down but fared relatively better as compared to last year only posting a 2.67% decrease.  Knowing the current number of active listings and the fact that 1292 homes sold on the Indianapolis real estate market in Pike last year; we can figure out that there is a 7.77 months supply of homes currently on the market. 

What do you do with this information?  Buy.  With inventories way up, buyers scarce, and prices down now is great time a home and get a great deal.  If you are interested, contact Mike Taylor at Rebate Real Estate to find a great deal and get a 50% commission rebate.

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