The Art of Distinction Blog by Encore Sotheby's International Realty

Our monthly market report analyzes real estate market data across sub-markets in Central, Northeast and Northwest Indiana. Based on the August 2024 market report and general guidance for buyers and sellers, current trends suggest:

For Buyers:

1. Decreasing Average Sales Prices in Some Areas:
   • Carmel and Fishers both saw notable decreases in average sales prices, with Carmel down by 8.9% and Fishers by 7.9%. This could be a good opportunity for buyers looking to enter these markets as prices have softened.
   • Valparaiso also experienced a 9.2% decline in average sales prices, indicating potential for favorable deals.
2. Decreasing Days on Market in Select Areas:
   • Carmel saw a reduction in days on the market by 24.1%, indicating a quick-moving market. Buyers in this area need to be prepared to act fast.
   • Fishers had a significant drop of 62.7% in days on market, which reflects strong demand and competition.
3. High Average Sales Prices in Luxury Markets:
   • Areas like Zionsville and the Fort Wayne Luxury Market saw increases in average sales prices, with Zionsville up by 16.3%. This suggests strong demand in higher-end markets, making them more competitive and potentially requiring buyers to stretch budgets or be more aggressive in their offers.

For Sellers:

1. Price Increases in Specific Areas:
   • Westfield and Washington Township, Indianapolis saw average sales prices increase by 7.9% and 8.2%, respectively. This is a positive signal for sellers, suggesting it might be a good time to list properties in these areas to capitalize on higher prices.
   • Central Indiana Luxury Market also experienced a 6.3% increase, making it a favorable time for sellers in the high-end segment to consider selling.
2. Market Activity and Demand:
   • Zionsville and Downtown Indianapolis had longer days on the market, indicating a potential shift toward a buyer’s market, or at least one where homes need stronger marketing strategies or price adjustments to sell faster.
   • Kosciusko County Lakefront saw a significant increase in days on market by 69.4%, suggesting reduced demand or higher competition among sellers.
3. Stable to Increasing Inventory Levels:
   • Rising inventory levels, as seen in areas like Washington Township and Westfield, suggest more competition among sellers.

Overall, the market presents mixed opportunities. Adjusting strategies based on specific area dynamics will be crucial for both buyers and sellers to succeed in this evolving market.

Encore Sotheby’s International Realty offers home sellers and buyers access to the most accomplished real estate professionals who assist in achieving their real estate goals. With offices located throughout Indiana, including Carmel, Indianapolis, Zionsville, Fort Wayne and Lake Wawasee they are Indiana real estate experts, backed by the world-class Sotheby’s International Realty brand. For all of your real estate needs, call 317.660.4444 or visit encoresothebysrealty.com.