A recent realestate.com article likens the national housing market to a roller coaster: a thrilling upward climb one month followed by a stomach lurching drop the next. It's an analogy that applies perfectly to the Carmel Indiana housing market in 2012. Case in point: the July 2012 Carmel housing report was reason to throw our hands in the air and celebrate, with Closed Sales, Average Sales Price, Median Sales Price, and just about everything else headed up, up, up. But then along comes the August 2012 Carmel housing report and we're left plummeting downward and wondering why we ever got on the ride in the first place.
It's not all bad news - Closed Sales were up substantially and Average Days on the Market declined (slightly) as compared to August 2011. But a 16.8% drop in Median Sales Price is never a number you want to see. And numbers are down, although not as dramatically, even when doing a three-month comparison of June through August 2012 to the same time frame the previous year.
Do all the ups and downs mean that a Carmel housing market recovery isn't happening? No. It does mean that there's still a ways to go before the market is fully and consistently trending upward. The great news is that Carmel's #1 ranking on CNN Money's Best Places to Live in America can only provide a boost to the housing market! So check back next month to see where that roller coaster is taking us!