Jan
25
Fishers Realtor talks about Home Values in Fishers Indiana
Posted by Cindy Marchant under For Buyers, For Sellers, Regional News, Fishers, Market Reports
What decline in average price has your neighborhood experienced from 2006 to 2008? We all know the decline for the Indianapolis area is right around 7%. If you are lucky enough to own a home in Fishers or in Hamilton County, your decline was only on average 3.6%, but Marion County has seen a 13.1% decline. As with any national or regional news, we need to be sure we apply it at the lowest level to really understand the dynamics. So let’s look at a few neighborhoods in the Fishers Real Estate Market that have seen negative decline in values and a few that have actually increased in values.
Let’s look at the declines first. The largest decline happened in one of my most favorite neighborhoods, Timber Springs. It is showing a decline of 16.8%. This phenomena can somewhat be explained, neither of the two homes that sold in 2008 had basements. All of the homes in 2006 did have basements. Whether it would be worth the $50,000 difference is still questionable. The 2nd highest was Covington Estates located near 96th and Lantern Road with a 14.2% decline. The most surprising neighborhood is Gray Eagle which is a golf community and is primarily built by Pulte. Probably the most expected neighborhood is Brooks Chase. There have been many bank owned, pre-foreclosure, and “as is” type homes selling in there lately and many investors are taking advantage of the low prices. The Winderemere neighborhood is specifically for Crosswinds and does not include Woods Edge homes. Also included are Sweet Briar (avg price at $175,000) at 126th and Cumberland, River Glen (average price at $240,000) at 116th and Allisonville and Eller Run (average price at $173,000) off of Eller and 106th.
Now let’s look at the neighborhoods that seem to be weathering the “decline” more successfully. While they are showing increases, most of the neighborhoods are showing less than “normal” appreciation. Usually we see about a 2.5 to 3.0% appreciation each year in the Fishers Real Estate market. The two that seem to be outshining those normal percentages are Rosewood, which is the next neighborhood I’ll be spotlighting so stay tuned and Berkley Grove which is one of my picks for the best resale neighborhoods in Fishers. The neighborhood that might surprise people is Sunblest coming in at a 4.4% increase. These are older homes built in the 1980’s but it is still one of the most sought after neighborhoods because it is so affordable and family friendly with it’s soccer and softball park in the center of the Sunblest neighborhood. Keep in mind, I have excluded the newer Sunblest that is across from the YMCA on 126th since those are newer homes and not connected to the park. The other three neighborhoods are all relatively new and include Weaver Woods near 146th and Allisonville, Sandstone at 116th and Brooks School on the east side of Fishers and The Bristols just north of the Sandstone subdivision. Search Fishers Real Estate for Sale in your neighborhood!
It is always good to localize the media so that we better understand how Fishers Indiana Real Estate works. What does 2009 hold…currently it holds the lowest rates in 35 years, the largest inventory of homes and some of the most motivated sellers you will ever find. Add to this the hope that Barack Obama brings (this is not meant to be a political statement) and is inspiring and you have the perfect time to buy a home. Is it the perfect time to sell a home? Spring historically is and you can see from the above graph…most neighborhoods are holding their values while the surrounding areas are seeing more declines.
If you are looking to buy or sell your home in 2009, I hope you will contact this Fishers Realtor to help complete that transaction for you. If you have been reading this blog, then you already know that I know the neighborhoods, the schools, the events in Fishers and how to help you buy, build our sell a home in Fishers. Our team members write several blogs; read about the market in the Geist Real Estate Market, Carmel Real Estate Market or Noblesville Real Estate Market.
Search homes in Sunblest Farms
Cindy “in Indy” Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775
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COMMENTS (2)
Hmm. I wonder what it is that gives a 2.5-3% increase in home prices in Fishers. Is that averaged over the last twenty years or so? Still any appreciation is better than the depreciation right now that you've captured so well in the graphs. January 26, 2009 at 10:23 pm
Cindy, very thorough information, and the charts tell the story well. Compared to national averages, your Fishers Real estate communities have fared pretty well, and to have any with positive appreciation is great! January 27, 2009 at 11:33 am