Indy housing market getting some traction

September 30, 2009
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The grueling years of the housing downturn appear to be over, but a full recovery is one to two years away.

That’s the take of veteran real estate broker Jim Litten, who sees a firming in the bottom strata of the market, but continued weakness in expensive homes.

The region has been firming since spring, says Litten, president of F.C. Tucker Co. That’s a big change from the freefall experienced by the industry late last year.

The supply of houses priced at $300,000 and below has fallen to seven months from the 11-month glut of a year ago, Litten points out. That’s a good “balance” between buyers and sellers, he says.

More expensive houses are still a buyers’ market.

The $8,000 tax credit has moved a number of first-time buyers into the market, and some of those purchases are springing existing owners to buy pricier houses. However, the impact is blunted by the number of foreclosed houses purchased. No occupant, no upwardly mobile purchase.

“We’re still dealing with the impact of foreclosures and short sales as they flush through the system,” Litten says.

As many as two years will pass before the local market reaches levels of 2003 and 2004, the most recent “normal” market for the Indianapolis area, he says. That’s about 29,000 sales a year.

What do you think about the local housing market?

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  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

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