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PAULA HENRY
REALTOR ®
RE/MAX Excel
Office: 317-272-5002
Direct: 317-605-4174
Fax: 866-373-5769

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Market Report Observations

November 16th, 2008 categories: Indianapolis Real Estate News, Indy Market Trends

Percent vs Dollar While working to bring you the October Market Reports, I have been studying different statistics within the data to bring you additional informaton for the market reports.

Many homeowners are concerned with the number of foreclosures in their neighborhood. Homebuyers seem to be looking at the short sale and foreclosure opprtunities in the market. Interestingly, the number of foreclosure or short sales (homes sold in distress situations) are not the majority of sales.

My preliminary research indicates most of the sales are properly priced homes which are ready to move into. I have already posted the Avon Market Reports, which indicates about one-third of the homes sold last month were short sale or foreclosed properties. I am currently working on theZionsville Market Report and only one of the 27 homes sold in Zionsville was a foreclosed property.

I will be adding the stats for the number of short sales and foreclosed properties to each of my market reports this month. I hope to have them all completed and posted by the weekend. Stay tuned………..

Tags: Indianapolis+Real+Estate, Market+Trends

Authored by Paula | Discussion: No Comments »

Indianapolis Real Estate Report - September 2008

October 12th, 2008 categories: Indianapolis Real Estate, Indianapolis Real Estate News, Indy Market Trends

Township	Active	Pending	Sold	Absoprtion Rate
Wayne	1077	219	127	8.4 months
Pike	825	138	85	9.7 months
Washington	1335	165	135	9.8 months
Lawrence	1157	204	140	8.26 months
Warren	1098	204	123	8.26 months
Franklin	561	86	74	7.5 months
Perry	707	117	109	6.4 months
Decatur	277	55	44	6.3 months
Beech Grove	99	16	15	6.6 months
Speedway	52	5	5	10.4 months
Center NE	1164	130	75	15.5 months
Center NW	213	13	10	21.3 months
Center SE	524	92	37	14.1 months
Center SW	49	14	1	49 moths

There are currently 9138 homes available in Marion County in Indianapolis. The graph breaks down the homes available by Township. There were 980 homes sold which gives us a 10.7 month supply of homes. Of course, this does not apply to all areas or price ranges.

For instance in Center Township NE, there are 374 homes available under $50,000, while the highest priced home comes in at a cool 2 million for a luxury downtown condo at 333 Massachusetts Ave. Since many of the downtown condos have been on the market for awhile and take much longer to sell, the average sales price, days on market and absorpton rate are truly subject to neighborhood and price range.

Check Market Snapshot to find what homes in your neighborhood are selling for.

MLS Market Snapshot

Click here for a neighborhood community report.

Tags: Indianapolis+Real+Estate, Market+Reports

Authored by Paula | Discussion: No Comments »

All Real Estate is Local

September 1st, 2008 categories: Indianapolis Real Estate News, Indy Market Trends

Real estate requires local analysis -- not national Stories on TV about the national real estate market are misleading to Americans.

This is because there is no such thing as a “national real estate market”.

Consider the latest American Housing Survey. It found that there are 124,377,000 homes in America spread across:

50 states, with
More than 30,000 incorporated cities, and with
An innumerable number of neighborhoods

And yet, the media repeatedly groups all 124 million homes into one giant lump and then gives an analysis. No matter how you slice and dice the data, a home in Oregon can’t be compared to a home in Indiana. The real estate market in New York City has little to do with what is happening here in Indianapolis.

This is why national real estate statistics are somewhat useless.

To get real estate analysis that matters, look local instead. And I don’t mean stats from your state — I mean stats from your neighborhood. It’s the only way to know what’s driving home prices on your street. You can drive through any city or suburb around Indianapolis and see every neighborhood and community is different.

Finding local data is far too narrow to be covered by the press. So, the best place to get local real estate data is from a local real estate agent or from somebody else with access to raw real estate data in and around your neighborhood.

By talking to “in the market” professionals that know your backyard, you’ll get a much clearer picture of your local market — good or bad — than the national media could ever provide.

Real estate is a local market so your real estate data should be local, too. Contact me if you want to know what the stats are for your neighborhood.

Authored by Paula | Discussion: 2 Comments »

Average Home Price in Indianapolis

August 23rd, 2008 categories: Indianapolis Real Estate News, Indy Market Trends

Once again, Indianapolis has led the nation in most affordable housing for the 12th straight quarter. That’s 3 years of consistently offering the most affordable housing to the residents of Indianapolis. The article at CNN Money states the median sales price for homes sold in the second quarter was $108,000.

How does that price point hold up throughout the Indianapolis area? The chart below shows the average price of homes sold in Indianapolis and the suburbs since January 1, 2008.

City or Area Marion County	Average Sold Price – YTD	City or Area Suburbs	Average Sold Price YTD
Washington Township	$173,681	Avon	$164,948
Warren Township	$76,324	Plainfield	$141,166
Decatur Township	$89,641	Zionsville	$348,563
Pike Township	$127,939	Carmel	$335,834
Wayne Township	$62,409	Fishers	$238,939
Lawrence Township	$135,949	Noblesville	$189,022
Franklin Township	$142,170	Westfield	$219,028
Perry Township	$106,957	Cumberland	$104,189
Center Township SE	$40,752	Brownsburg	$165,916
Center Township SW	$29,578	Greenwood	$165,726
Center Township NE	$68,393	Beech Grove	$84.093
Center Township NW	$81,316	Speedway	$102,050

The areas with averages below $100,000 are areas where foreclosures and bank owned sales make up a large percentage of the lower priced homes in the Indianapolis area.

Average and median prices are not representative of what a home in a particular area will sell for. The average sales price for any area is figured by combining the total sales price of all properties, then dividing that number by the number of units sold.

When you want to know what is happening in your neighborhood, you need to narrow the search locally to area, neighborhood and subdivision.

Let’s look at a few examples:

In Pike Township, the average home price for 2008 is $127,939, which includes 695 sold homes this year. The highest priced home sold was $900,000 and the lowest priced home sold was $4,750. Pike Township includes the Eagle Creek area of Indianapolis. In Eagle Creek, single family homes range in price from $189,900 for a three bedroom, two bath home in The Trees to $1,275,000 for a waterfront home with deeded dock.

Center Township NE is an area of Indianapolis with many Historic Districts comprising the higher end sales for central Indianapolis and downtown. It includes the areas of Mass Ave, Lockerbie Square, Old Northside as well as homes north and east of downtown, outside of the renovated Historic Districts. There were 677 sold homes this year. The highest price home sold for $745,000 amd the lowest price home sold for $1,208. Current homes available range in price from a 7 bedroom, 9 bath luxury condo at 707East North for $4,592,870. to a 1 bedroom, 1 bath home in need of renovation for $4,000.

Want to know what is happening in your neighborhood, just contact me.

Tags: Indianapolis+Real+estate, Most+Affordale+Homes

Authored by Paula | Discussion: 4 Comments »

Indianapolis Real Estate at the Bottom of the List

July 21st, 2008 categories: Indianapolis Real Estate News, Indy Home Buyers, Indy Market Trends

Home buyers seem to be concerned about the future value of the home they buy today. And, rightfully so! The national media makes it sound like all real estate markets are in deep trouble. Not the case; all real estate is local. If you are in the market to buy a home in Indianapolis, you will love the latest news from PMI Group.

PMI Mortgage Insurance Company recently released it’s Market Risk Index of the 50 largest Metropolitan Statistical Areas (MSA). These are the people who insure residential mortgage loans.

In plain english, the company rates major cities for the risk of property values being less in two years than they are today. At the bottom of the list is Indianapolis-Carmel. They rate the entire area of Metropolitan Indianapolis. In this case, it’s a good thing to be at the bottom.

The Indianapolis-Carmel area has less than 1% chance of property values declining in two years.

This is the list of cities who rank at the bottom.