Carmel, IN Market TrendsBETA

Asking prices for multifamily properties have risen 14.5% versus the end of last quarter to $32,793 per unit. Asking prices rose 6.4% over the past year. Asking prices for multifamily properties hit a three-year peak in August 2006 at $39,221 per unit. The current median asking price is 8.6% lower. The lowest asking price over the past three years was $28,520 in November 2011.

Asking prices for office properties have gone up versus past quarter, rising 2.1% to $86.57 per square foot. But for the year asking prices have dropped 1.2%. In September 2007, the asking prices for office properties were at their highest in the past three years at $106.22 per square foot. In comparison, the median asking price is now 3.8% lower. On the other hand, the lowest asking price in the past three years was seen in November 2011 at $84.08.

Asking prices for industrial properties rose to $42.41 per square foot, a 2.7% increase compared with the end of the prior quarter. But for the year, asking prices are down 0.7%. In September 2008, the asking prices for industrial properties were at their highest in the past three years at $50.70 per square foot. In comparison, the median asking price is now 11.5% lower. On the other hand, the lowest asking price in the past three years was seen in December 2011 at $41.29.

Asking prices for retail properties rose to $116.81 per square foot, a 1% increase compared with the end of the last quarter. For the year, asking prices have gone up 0.3%. Asking prices for retail properties hit a three-year peak in January 2008 at $152.76 per square foot. The current median asking price is 13.1% lower. The lowest asking price over the past three years was $110.76 in March 2010.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have fallen 29.8% to $28,594 per unit. This month marks the sixth consecutive month that the median sale price for multifamily properties in the area has been falling. The falling streak began in October 2011, at which time the median price was $32,916. The metro area saw its median sale price fall to its three-year low this month. The previous low of $30,377 was last month.

The number of multifamily properties available in the metro area has fallen four months in a row month-over-month, declining 4.5%. The number of multifamily properties available in the Indianapolis Metro Area for the month of March represents a three-year low. The previous low was set last month. In the past year, the Indianapolis Metro Area has seen a 26.7% decline in the number of available multifamily properties.

The number of office properties available in the metro area has fallen six months in a row month-over-month, declining 7.2%. The number of available office properties has fallen by 2.3% over the last year in the Indianapolis Metro Area.

This is the sixth month of a month-over-month downward trend in available industrial properties in the metro area, a 16.1% decline. The number of industrial properties available has fallen in March, reflecting a new three-year low in the Indianapolis Metro Area. April 2009 marked the previous low. Over the past year, the number of industrial properties available has dropped by 17.2% in the Indianapolis Metro Area.

Available retail properties have fallen for the past four months month-over-month, a 5% decline. The number of available retail properties has reached a new three-year low in the Indianapolis Metro Area this month. The previous low was set in September 2011. There has been a 2% drop in available retail properties over the past year in the Indianapolis Metro Area.

Interest in multifamily properties listed on LoopNet has fallen 23.6% over the past year. The change ranks forty-seventh out of the top 48 metros. Interest on LoopNet for multifamily properties in the Indianapolis Metro Area has fallen by 2.1% since December 2011, 19.7 percentage points less than the 17.5% increase in the national average.

Indianapolis Metro Area ranks second out of the top 48 metros in terms of interest growth for office properties listed on LoopNet over the past year. Demand has increased 50.2% during that time. Demand on LoopNet for office properties spiked in the Indianapolis Metro Area market, rising 9% since December 2011, 12.8 percentage points less than the 21.8% increase in the national average.

Interest on LoopNet for industrial properties listed in the Indianapolis Metro Area has fallen by 4.4% since December 2011, 26.8 percentage points less than the 22.4% increase in the national average. Conversely, interest rose 25.9% over the past year. The yearly change ranks the Indianapolis Metro Area twenty-third out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Indianapolis Metro Area market, rising 2% since December 2011, 17.6 percentage points less than the 19.6% increase in the national average. Demand for retail properties also increased by 37.2% over the past year. The yearly change ranks the Indianapolis Metro Area seventh out of the top 48 metros.

Office properties are seeing a seven month fall in available square footage, a 13.4% decline, but have not countered the 1.1% increase seen over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

The square footage available for sale in the metro area has fallen consecutively for the past seven months for industrial properties. The square footage available for sale for industrial properties in the metro area decreased 24.4% year-over-year and 10.9% compared to the end of the fourth quarter of 2011. A new three-year low in available square footage was reached during the month of March. The previous low was reached last month. The current square footage available for sale reflects a 24.4% fall in the metro area over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards.

For the past two months, available square footage for sale has declined month-over-month for retail properties. The square footage available for sale for retail properties in the metro area decreased 4.2% year-over-year and 1.7% compared to the end of the fourth quarter of 2011. The square footage available for sale for retail properties in the metro area represents a 4.2% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards.

This is the eighth consecutive month that units available for sale has declined month-over-month for multifamily properties. The number of units available for sale for multifamily properties in the metro area decreased 38.8% year-over-year and 24.1% compared to the end of the fourth quarter of 2011. Multifamily properties saw a new three-year low in number of units available for the month of March. The previous low was set last month. Multifamily properties in the metro area have seen a 38.8% drop in units for sale over the past year. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Over the past year, the time that multifamily properties stay on the market in the Indianapolis Metro Area has declined 16.8% to 163 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 23.3%, to 168. From its lowest point in August 2010, the number of days on market have increased 22.9%.

Office properties in the Indianapolis Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. They now last 265 days on the market at the metro level, an increase of 8% year-over-year. At the state level, these properties are on the market for 287 days, an increase of 2.9% year-over-year. Compared with June 2011, when the time on market was at its lowest, these properties are now on the market 14.8% longer. Days on market for office properties has been on an upward climb over the past three months.

Days on market for industrial properties in the Indianapolis Metro Area fell 1.5% from last year, to 309 days. At the state level, time on market has fallen by 6.3% during the same time period. From the lowest point, which was set in December 2009, time on market has risen 32.8%.

Retail properties in the Indianapolis Metro Area stay on the market for 153 days, which is 46.7% shorter than last year. During the same period, days on market in Indiana have dropped 19%. Compared with January 2011, when days on market was at its highest, they've now fallen 47.2%.

Asking lease rates for office properties have gone up versus past quarter, rising 0.4% to $15.43 per square foot. Meanwhile, asking rates for the year have dropped by 1.2%. Lease rates for office properties reached a three-year high in May 2007 at $15.83 per square foot. In comparison, the median asking price is now 2.4% lower. The lowest asking lease rate in the past three years was $14.92 set in May 2006.

Asking lease rates for industrial properties reached a three-year high in October 2008 at $6.29 per square foot. The current median asking lease rate is 7.1% lower. The lowest asking lease rate in the past three years was $5.60 set in December 2005.

Asking lease rates for retail properties have risen 0.9% versus last quarter to $14.55 per square foot. But for the year asking rates have dropped 0.9%. Lease rates for retail properties hit a three-year peak in August 2008 at $16.37 per square foot. In comparison, the current median asking price is down by 0.6%. The lowest asking lease rate over the past three years was $14.39 in November 2011.

For five consecutive months, the number of office spaces available has seen a month-over-month decline, 6.6% overall. The number of available office spaces has reached a new three-year low in the Indianapolis Metro Area this month. Last month marked the previous low. There has been a 10.9% drop in available office spaces over the past year in the Indianapolis Metro Area.

The number of industrial properties for lease has seen a month-over-month rise of 1.3% over three consecutive months but has yet to offset the decline of 13.4% over the past year.

The number of retail spaces available in the metro area has fallen two months in a row, declining 1.9% in that time. However, this did not offset the increase of 0.1% over the past year.

Demand on LoopNet for office properties spiked in the Indianapolis Metro Area market, rising 20.1% since December 2011, 8.7 percentage points less than the 28.8% increase in the national average. Demand for office properties also increased by 31.5% over the past year. The yearly change ranks the Indianapolis Metro Area twenty-fourth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Indianapolis Metro Area market, rising 18.5% since December 2011, 7.3 percentage points less than the 25.8% increase in the national average. Demand for industrial properties also increased by 35.8% over the past year. The yearly change ranks the Indianapolis Metro Area twelfth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Indianapolis Metro Area market, rising 26.7% since December 2011, 1.4 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 23.2% over the past year. The yearly change ranks the Indianapolis Metro Area twenty-sixth out of the top 48 metros.

The square footage available in the metro area has fallen consecutively for the past 10 months for office properties. The square footage available for office properties in the metro area decreased 13.6% year-over-year and 6.5% compared to the end of the fourth quarter of 2011. The square footage available for office properties in the metro area represents a 13.6% decline over the past year.

The available square footage in the metro area has been rising two months in a row month-over-month for industrial properties, a 1.1% increase. However, this has yet to offset the drop of 18.8% over the past year. The square footage available for industrial properties in the metro area decreased 18.8% year-over-year and 1.2% compared to the end of the fourth quarter of 2011.

The square footage available in the metro area is in a two month downward trend month-over-month for retail properties. The available square footage for retail properties has risen 5.3% versus last quarter. But for the year, square footage is down 4.6%. The square footage available for retail properties in the metro area has fallen 4.6% over the past year.

The days on market for office properties in the Indianapolis Metro Area have increased year-over-year, and this change is smaller than that on the state-level overall. Office properties are now on the market for 342 days, up 16.1% from the same month last year. Compared with July 2011, when time on market was its shortest, it has now gotten 24.5% longer. The time that office properties stay on the market in the metro area has been increasing every month for the past nine months.

The time on market for industrial properties in the Indianapolis Metro Area is 245 days, down by 34.2% from last year. Overall in Indiana the time on market has dropped by 20.7% during the same time period. From June 2011, when the time on market was at its longest, it has come down 37.5%.

Retail properties in the Indianapolis Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They are now on the market for 369 days before turning over, which is 9.2% longer than last year. For the state, these properties are on the market for 345 days, 4.2% longer than last year. Compared with April 2009, when time on market was its shortest, it has climbed 54.2%. The time that retail properties stay on the market has risen 21.6% over the past six months.