First, in terms of units of sold homes, in 2010 there were 444 residences that went under contract versus 486 homes in 2011 for an increase of just over 9%. Compared to the high point of 2005 where we had 521 homes sold we still have a way to go but we are seeing improvement.
Homes were on the market 94 days in 2011 and averaged 95.82% of their list price in a sales price. They sold for $111 a square foot and were roughly 2760 square feet above grade. The average age of an east Carmel home was 11 years and roughly 42% reported having updated the most important room in their home, the kitchen. The average kitchen renovation in Indiana costs $48,650 and returns 84.6% of the costs spent immediately.
The most important statistic is in value and in 2011 we saw improvements there as well. In both 2010 and 2011 the average list price of an east Carmel home coming on the market was essentially the same at just over $326,000. The best news of last year was that the average sales price did edge upwards in '11 from $312,602 to over $317,000 which is a key indicator in the real overall value of homes.
The crystal ball tells us that in a Presidential election year, early in the year is better. We expect with home mortgage rates to stay very low and that, coupled with a slightly more positive consumer outlook in the first half of the year will mean more units of homes sold and again a slightly better value base. Things will get challenging by mid Summer, however. As the political conventions draw near we will see a slowdown in the housing market in likelihood due to the negative consumer sentiment that always occurs in a national election year as the election gets close. The lesson for east Carmel homeowners is clear. Things are getting better and will continue to do so for the next few months. If you're going to make a move in 2012, now is the time to be planning ahead.
Carmel Indiana real estate blog, Greg Cooper, Carmel Indiana homes for sale,
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