Back in May, I read an article which prompted me to write a post after researching the average price of homes in two Indianapolis suburbs from the the years 2002–2008. I used data for Avon and Carmel.
My point was to prove there was not a 10% decrease in property values on average. You can read the article here.
At the time I calculated the year on year averages, I had to stop at May 28th of each year. I decided to go back and calculate how we did the rest of the year from June through December, 2002–2008.
According to my data, even with all the lower priced foreclosures selling, we still do not have a 10% decline in property values. Of course, the statistics are averages and will not reflect what is happening in an individual neighborhood.
First, a recap of the May statistics:
The June through December statistics show a bit of a drop in both cities from the current average compared to last year. Carmel’s decrease could be a result of some low sales, one reported sold at $239.00. Here’s the June-December stats for the same two cities.
There were definitely some lower sales and not as many higher end sales in either city. It is interesting to note the total number of home sales in Carmel for 2008 was 1185, down over 400 from last year. Avon home sales were down by about 40 homes from last year.
I’ll be posting the December Market Reports and year end data over the next few weeks.
