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Average Price Reaches 15-Month High for Carmel Homes in March, 2010

Real Estate Report by m.s.Woods Real Estate, LLC. –  The average ‘sold’ price in March for Carmel homes reached a 15-month high of $403,000. Not only is this a 23-percent increase over February’s average ‘sold’ price of $327,000 but it is an impressive 41.4-percent increase over last March’s average price of $285,000.

While sellers received higher average prices for their homes the total number of homes sold also increased 12.7 percent, going from 55 sales in February to 62 in March. Overall, this year’s sales figures are down only slightly from last years’, essentially following the rising edge of a parabolic arch.

The total number of Carmel homes for sale has come a long way from the 15-month low of 633 that was set in December of 2009; there were 825 listings in March.  While the rate of increase in the number of homes for sale has been on the rise it has yet to reach the 15-month high of 851 listings that was set in June of 2009. Though June is not far away we’ll have to wait a few months to see what summer holds for the Carmel real estate market.

But while sellers have realized higher average ‘sold’ prices for their homes it has come at the expense of longer-than-ideal times spent on market.  The typical Carmel home spent an average of 93 days on market in March.  While this leaves a little to be desired it it still not as bad as the 105 day average of the previous month.

The average sold-list differential in Carmel, Indiana has never dipped below 94 percent over the past 15 months and March of 2010 was no different, with sellers on average receiving 94 percent of list.

Buyers paid an average of $95 per square foot compared to $93 in February.