Real Estate Report by m.s.Woods Real Estate, LLC. – What a difference a year can make. Improvements in several key stats contributed to a Fishers real estate market finally began to show some signs of life in 2012. While the market still has a ways to go compared to the pre-2008 era, it was significantly improved versus 2011.
Starting with sales, a total of 1,562 closings took place during all of 2012, compared to a total of just 1,258 for all of 2011, meaning the market improved by nearly 24 percent. This translates to an average of 130 closings each month for 2012, compared to 105 per month for 2011. Moreover, an average of 117 closings took place during the final quarter of 2012, or 41 percent more, compared to an average of just 83 per month during this same quarter in 2011. When all was said and done, there were 304 more homes sold in 2012.
One of the most pressing issues for not only the Central Indiana market, but the U.S. market as a whole, has been an over-supply of homes, in effect holding prices down and creating a distinct buyer’s market. Fortunately, there were 6.4 percent fewer homes on the Fishers market in 2012 compared to 2011, or 7,147 versus 7,643 respectively. This equates to a difference of -496 listings. On average, there were 596 homes listed for sale each month during 2012 compared to 637 per month during 2011. During the final quarter of 2012 there were 499 homes on the market each month, on average, or 15 percent fewer, compared to this same quarter in 2011. Of the 7,147 homes for sale in 2012, 1,942 were new listings.
The total number of pending sales reported rose 21.3 percent, from 1,292 for all of 2011 to 1,569 for all of 2012. This equates to an average of 131 per month for 2012 and 108 per month for 2011. An even greater improvement was seen in our quarterly comparison, as there were 28.2 percent more pending transactions reported during the last quarter of 2011 compared to the last quarter of 2011, or 100 versus 78 respectively.
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