Metro-area home sales plummet

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January home sales in the nine-county area fell 16.5 percent from the same month last year, according to a report released Monday by Re/Max of Indiana, indicating the central Indiana housing market remains troubled.

Homes sold in the nine counties in January totaled 1,040, a decrease from the 1,246 sold in the same month in 2009. Home-sale agreements, or pending sales, also declined in January, dropping nearly 7 percent from the same month in 2009, to 1,436.

The number of homes on the market in January rose 11.3 percent, to 3,980, increasing the available inventory from 12.6 months to 13.5 months.

“Real estate in central Indiana is still stressed; people continue to lose homes either by default or by choice, so by all means it’s not a normal market,” the report said. “But prices are not going down, inventory is holding steady and properties priced for the market are selling.”

On a positive note, the average price of a home sold in January in the nine counties rose 12.1 percent, to $135,519.

The number of homes sold in Marion County last month fell to 657, down 18 percent compared to January 2008. The average price of a home in the county rose 1 percent, to $90,274.

January home sales in Hamilton County dropped 19.2 percent, to 218, while the average price of a home increased 2 percent, to $264,193.


    Don't you think prices increases in the area is more benficial than selling less homes? People are getting more for the homes now than last year, that's a great thing! I would not consider a 16.5% decrease a plummet. Yes, the market is still down, but people are becoming more confident in listing their homes and can get more for it than they did last year.

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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

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