City of Carmel
One Civic Square
Carmel, IN 46032
Date: May 24, 2012
Contact: Nancy Heck (317) 571-2494
Housing Starts Continue to Increase in 2012
Carmel, IN – The number of home construction permits issued in Carmel/Clay Township continues to increase when compared with previous years’ figures. Records from the City of Carmel Department of Community Services indicate a 130 percent increase in the total number of permits between April 2011 and April 2012. Year to date (YTD) figures also recovered, with the total number of permits issued through April 2012 YTD up 51 percent when compared with April 2011 YTD permits.
The City of Carmel Department of Community Services monthly report for April 2012 indicates a 110 percent increase in the number of single family home permits issued when compared with the number of similar permits issued in the same month of 2011. The difference in April YTD single family home permits between 2011 and 2012 is an increase of 46 percent.
“Carmel weathered the recession in recent years very well. Businesses were still opening in Carmel and home sales have picked back up. Unlike cities that may have one large employer sustaining a majority of its residents, Carmel has a wide variety of businesses in various sectors allowing for a more stable economic environment. In addition, Carmel has worked very hard to improve access to the arts, expand our park and trail system, encourage education and build an excellent roadway network to attract businesses that provide professional jobs to our highly educated workforce,” said Mayor Jim Brainard.
Increases in housing starts in Carmel/Clay Township come following a period of national cut-back in new-home production, particularly during 2008 and 2009. In a 2009 report, Metrostudy, a national housing market research firm, predicted a 47 percent decrease in the number of starts for that calendar year. The 2009 report also referenced the 33 percent drop in housing starts between 2007 and 2008. Unlike the trend national decrease predicted by Metrostudy, however, Carmel/Clay Township experienced a 61 percent increase in the number of total permits issued for new dwelling units between 2008 and 2009. Housing starts were not as prevalent in 2010- there was a decrease of 22 percent in the number of permits issued between 2009 and 2010- but starts began increasing again in 2011.
Indiana’s housing market is experiencing turnaround, according to the March 2012 Indiana Real Estate Markets Report released by the Indiana Association of REALTORS®, Inc. This report compares housing market data from January, February and March of 2011 and 2012. According to the report, the number of closed home sales in the state increased 15 percent, with the median sale price of those homes increasing by 3 percent. The average sale price of a home in Indiana increased 2.4 percent. To view the Indiana Real Estate Markets Report for March 2012, please visit the Reports tab of www.indianaishome.com.