Lawrence, a suburban community located just northeast of Indianapolis, the state’s capital, is located in Marion County, the same county as the capital, and is one of the county’s four “excluded cities,” that is, not considered part of Indianapolis. It is home to a population of around 40,000. Though the Indianapolis area real estate sector didn’t see pre-crisis price rices on the same level that many overinflated real estate markets across the country did, nonetheless the Lawrence real estate has been affected by the downturn in the economy and has seen values of homes fall and inventory and foreclosures rise.
Statistics available from the Metropolitan Indianapolis Board of Realtors show that the greater region has seen mostly improvement in the market in the period ending Feb. 28. Sales volume were down slightly over three months, but up 10% over six months and down just 1% for the year. Pending units were up in each time interval, up 19% in three months, 17% in six and 6% year-over-year. Even median sales prices in the region seemed to be stabilizing: The price was up 11% in three months, up 8% over six months and flat over the year.
Marion County, specifically, shows mixed signals. The number of homes sold was down over three months 8%, from 2,172 to 1,990. It was up 6% over six months though, and down 3% for the year. Average sale prices in Marion County, unlike many city across the nations, saw rises over the past year. The three-month average was up 18% to more than $101,000 from around $86,000; the six-month average was up 10% to more than $104,000, and the one-year average was at more than $105,500, 2% higher than in 2009.
The amount of Lawrence homes for sale still has increased only slightly. At the end of February, Marion County had a 10.3-months‘ supply worth of homes for sale, up slightly from 2009′s 8.8 months’ and 2008′s 9.6 months’. The homes with the longest durations on the market, unsurprisingly, are those in the upper ends. There are 56 months’ worth of supply of homes priced at $750,000 to $1 million, while those more than one million have a 54.5 months’ supply.