2014 Condo Report State of the Market January 2015
Roger Lundy, REALTOR速 Publisher, 2014 Condo Report Owner, indyCONDOS.com Certified Condominium Specialist速 Keller Williams Indy Metro North Call or Text: 317-507-3900 roger@indyCONDOS.com
Quick Condo Market Summary
2014 was a continuation of the improving condo market in Metropolitan Indianapolis.
Last year saw a 4.5% increase over 2013 with 2,478 condos sold.
Indy enjoyed an average 6.2% appreciation to an average sales price of $145,200
Market average of 105 days on the market, or selling 8.7% faster than in 2013.
Condos Outpace Single-Family Home Sales Some notable benchmarks for comparison:
2014 Single-family home sales slipped 4.1% (+4.5% increase for condos)
Average transaction sales price increased 6.0% (6.2% for condos)
List price to sales price ratio was 95.88% (95.78% for condos — virtually the same)
Some notable 2015 forecasts from Lawrence Yun, Chief Economist for the National Association of REALTORS® conference that I attended in New Orleans last November were:
Interest rates may rise to 6.5%
A noted increase in international buyers
11% increase in sales volume
The information within this report was compiled from the Broker Listing Cooperative® of the Metropolitan Indianapolis Board of REALTORS® based on 2014 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 22, 2014
indyCONDOS.com vs “the market” indyCONDOS.com got Sellers an average of 98.35% of list price in 2014. The average agent got their Seller 95.78%. At the average 2014 condo sales price, indyCONDOS.com Sellers made $3,732 more.
indyCONDOS.com sold listings in an average of 6 days last year. The average agent took 105 days.
indyCONDOS.com Sellers made $3,732 more with 99 fewer days on the market!
Contact indyCONDOS.com today to Sell for MORE MONEY in LESS TIME Want to know how much your condo is worth? Contact us today at 317-507-3900 or visit indyCONDOS.com and click on Home Value.
Benefit from the experience and expertise of Indy’s only Certified Condo Expert™
3,279 condos were listed for sale in 2014, an increase of 2.5% over the previous year. Unfortunately, many of them did not sell. Even with an improving condo market and lower inventory, many poorly marketed and poorly priced listings sat on the market until those listings expired.
1,442 condos did not sell and were removed from the market. The remainder of the 2014 listings are still for sale and hoping for a buyer in the new year.
The average list price of the unsuccessful listing was $153,562 compared to the average successful sale price of $1145,200 which equates to the condos that went unsold were overpriced by 5.5% on average.
There are many reasons a property remains unsold. Here are a few:
Condition: 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: 62% of condos sold in 2014 sold in 90 days or less and at 97.21% of list price if sold in less than 30 days. This drops to 94.78% after 91 days. On the average condo, this represents a loss of $3,528 to the Seller who does not price their condo right at the start. Price it right as condo buyers don’t like to negotiate.
Condo Market Update By Area Metro Indianapolis 2014 Stats Downtown Indianapolis North Indianapolis Northwest Indianapolis Northeast Indianapolis Fishers Carmel Noblesville Westfield Marion County Hamilton County Hancock County Hendricks County Johnson County
Metro Indianapolis (Included all areas serviced by the Metropolitan Indianapolis Board of REALTORS® )
The available months of inventory determines a “Sellers’ Market” or a “Buyers’ Market.” Six months supply is considered a balanced market. Less than 6 months is a Sellers’ Market and more than 6 months is a Buyers’ Market.
Metro Indianapolis (Included all areas serviced by the Metropolitan Indianapolis Board of REALTORS速 )
Inventory fell to the lowest level of the past five years due to a consistently improving condo market.
Downtown Indianapolis (Includes all of Center Township)
232 sales. Average sales price of $259,058. 122 DOM (Days on Market).
+7.6%
North Indianapolis (All of Washington Township, including Broad Ripple and Keystone at the Crossing)
363 Sales. Average sales price of $175,022. 127 DOM.
+8.8%
Northwest Indianapolis (All of Pike Township, including Eagle Creek)
221 Sales. Average sales price of $76,222. 101 DOM.
+6.5%
Northeast Indianapolis (All of Lawrence Township, including Castleton and Geist)
174 Sales. Average sales price of $115,666. 117 DOM.
+5.5%
Fishers
191 Sales. Average sales price of $148,839. 70 DOM.
+7.8%
Carmel
241 Sales. Average sales price of $181,381. 68 DOM.
-1.3%
Noblesville
66 Sales. Average sales price of $170,498. 97 DOM.
+15.1% (Note: We are still trying to determine the cause of such a steep inventory drop in February)
Westfield
89 sales. Average sales price of $156,053. 86 DOM.
+1.5%
Marion County
1,301 sales. Average sales price of $142,384. 114 DOM.
+11.2%
Hamilton County
598 sold. Average sales price of $166,037. 76 DOM.
+2.3%
Hancock County
30 sales. Average sales price of $170,208. 102 DOM.
+14.4%
Hendricks County
204 sales. Average sales price of 128,296. 87 DOM.
+5.4%
Johnson County
100 sales. Average price of $133,216. 119 DOM.
-4%
Benefit from Experience and Expertise Many people get into real estate to “just give it a whirl” and see if it works! For the past 25 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.
Member of Cyber Professionals. Worldwide network of tech savvy real estate agents who have met for 20 years
By invitation only gathering of 200 top preforming real estate agents in North America.