First Quarter of 2013 Ends with Pain and Gain for Carmel Housing Market
The Carmel Indiana housing market for the first quarter of 2013 wasn't a complete victory, but it certainly wasn't a crushing defeat, either. Significant drops in March 2013 Median Sales Price (-11.5 percent) and Average Sales Price (-7 percent) as compared to a year ago dragged down the quarterly numbers for these categories as well. Closed Sales, on the other hand rose significantly, just as they have been since the latter part of 2012. The ongoing huge gains in Closed Sales can be attributed to motivated buyers who are eager to benefit while they can from super low interest rates and relatively low home prices.
And while negative numbers in Median Sales Price and Average Sales Price are never good news, booming Closed Sales combined with continuing sharp drops in Average Days on Market and New Inventory indicate that Carmel home sales prices are unlikely to remain flat or drop further in upcoming months. Extremely low inventory has buyers competing for homes that are well-maintained, well-presented and well-priced. Competition means multiple offers and multiple offers mean higher prices. Carmel and the rest of the Indianapolis area has suddenly become a seller's market, which means buyers should be ready to act quickly and decisively when they find a home they like. The Carmel home pictured here sold in just six hours for 98 percent of the asking price to buyers who knew what they wanted and were ready to act. If you're in the market for a Carmel home, learn all you can about buying a home in a seller's market; then start searching all Carmel homes for sale!
Anyone who is considering selling a Carmel home should also act decisively, while inventory remains low. Start by finding out what your home is worth with a free home value estimate.
Check back next month for the first Carmel housing market report of the second quarter!