The crash of 2008 FINALLY feels like a long time ago. Values have recovered and grown, new construction has sprouted once again and homes are selling for more than people bought them for in east Carmel. Given the great community amenities for Carmel (The Palladium, great schools, et all) we've become a destination again that should carry us well beyond 2014. Let's take a look at some of the statistics for the past year:
Just over 600 homes sold in east Carmel in 2013 compared to 564 in 2012. Not a huge leap in units but when you add in an 6% average value growth and the return of new homes being built we can certainly expect to see more of the same this year. The 146th street corridor is teeming with dirt being tossed and frames going up which will ensure a value increase for existing homes AND more existing homes on the market as people move to new inventory. Even with the horrific weather in January, we put 32 homes under contract in the 033 compared to 31 in January of 2013. Even the values are up month on month in '14 with January's average sales price running nearly $10,000 more than one year ago.
A LACK of available homes for sale or inventory remains a huge problem. Some of this will get solved by milder weather but some is caused by other underlying issues. On February 1 of 2013 there were 167 homes for sale in the 033. Two years ago there were 205 on the sale day. On 2.1.14 there were 139 homes for sale in east Carmel. That's an enormous drop in available homes and one that can hold back the market if it doesn't soon correct itself.
So where are we headed? Interest rates are everything and they are going to trickle up. If you're going to move, do it sooner rather than later. As long as we continue to see a slow climb in home mortgage rates rather than an abrupt one, the overall housing market will remain vibrant in east Carmel for the coming year.
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