Condo Report January-December 2013 Condo Market Metrics and Analysis
Roger Lundy, REALTOR® Certified Condominium Specialist® Certified Residential Specialist® National Association of REALTORS® ePro® Keller Williams Indy Metro North Call or Text: 317-507-3900 roger@indyCONDOS.com
indyCONDOS.com 2013 Condo Report 2013 was a continuation of the improving condo market in Metropolitan Indianapolis. Last year saw a 14.7% increase over 2012 with 2,367 condos sold. Indy also enjoyed an average 5% appreciation over the same time frame with an average 115 days on the market, a 12% improvement.
The number of bank-owned, foreclosure, or HUD and VA owned homes represented 10.9% of homes sold, down from 13.3% the year before. Those condos listed in this distressed category saw a 20% drop following a national trend of fewer foreclosures coming onto the market. Historically, condos see a significantly smaller foreclosure rate than single-family, detached homes.
Some notable highlights of 2013 from Lawrence Yun, Chief Economist for the National Association of REALTORS® conference that I attended in San Francisco last November were:
This is still the 5th best affordability market in over 40 years
Cash buyers stayed high even with low interest rates
Foreclosed inventory is down
Buyer enthusiasm has declined
Fewer homes are “underwater” due to appreciation
2014 should be a very similar market to 2013
Condos are more attractive now than ever before!
The information within this report was compiled from the Broker Listing Cooperative® of the Metropolitan Indianapolis Board of REALTORS® based on 2013 information. To find out how much your condo, townhome, or loft is worth in today’s market, please contact us for more detailed information. Your Condo Specialist®, Roger Lundy January 17, 2014
indyCONDOS.com 2013 Condo Report
The report is an overview of the condo market in central Indiana. For more detailed information on your neighborhood, please contact us or visit indyCONDOS.com and click on “Home value.�
indyCONDOS.com 2013 Condo Report Which segment of the condo market sold faster and had more sales in 2013?
indyCONDOS.com 2013 Condo Report 3,361 condos were listed for sale in 2013, an increase of 4.5% over the previous year. Unfortunately, many of them did not sell. Even with an improving condo market, many poorly marketed and poorly priced listings sat on the market until those listings expired.
1,131 condos did not sell and were removed from the market.
The average list price of the unsuccessful listing was $168,150 compared to the average sale price of $136,319 which equates to the condos that went unsold were overpriced by a whopping 19% on average.
There are many reasons a property remains unsold. Here are a few: Condition: I often say that the buyer who is buying a condo is doing so because they don’t want to do anything. This includes painting, flooring, and updating kitchens and bathrooms. Experience: Selling a condo takes an entirely different approach than selling a single-family home. Pricing: 60% of condos sold in 2013 sold in 90 days or less and at 96.88% of list price if sold in less than 30 days. This drops to 94.35% after 91 days. On the average condo this is a loss of $3,463 to the Seller who does not price their condo right at the start. Price it right as condo buyers don’t like to negotiate.
indyCONDOS.com 2013 Condo Report How many condos are there in Indianapolis? (This only includes Platted Condo Lots, not Townhomes) 18,787 How many are in the surrounding counties? Hamilton: 6,048 Boone: 555 Hendricks: 1,901 Johnson: 1,415 Hancock: 465 Total condo units for the Metropolitan Indianapolis area: 29,171 Where are the majority of condos located in Indianapolis? (Most people, REALTORS速 included, are very surprised when I share this!) Pike Township has the most at 4,445 or 24% of the market. Washington Township: 3,614 or 19% Lawrence Township: 2,919 or 16% Franklin Township: 807 or 4% Perry Township: 2,119 or 11% Decatur Township: 0 Wayne Township: 2,174 or 12% Warren Township: 872 or 4% Downtown Indianapolis (Center Township) has only 10% of the condos with 1,837 units.
Condo sales make up 9.2% of the Indianapolis real estate market .
indyCONDOS.com 2013 Condo Report Many people get into real estate to “just give it a whirl” and see if it works! For the past 24 years, we have had consistent success in selling condos, townhomes and lofts. Not by just “giving it a whirl” but by knowing the market, watching the trends, and by continuing industry learning. Some notable accomplishments are listed below with a more detailed list at indyCONDOS.com/media.
The ONLY real estate agent in Indiana to be certified as a Condominium Specialist.
Only 3% of REALTORS® hold the elite CRS credential.
The FIRST real estate agent to be certified as an internet professional in the state of Indiana in 2000.