I loved this structure and the concept from the first time I saw early drawings of what it was going to be. One of the most impressive features in downtown Indianapolis, not merely because of the distinctive architecture, but because it brings the converging elements of downtown together…spanning major arteries and linking adjacent hotels, businesses and Circle Centre. Years later, it’s still exciting to drive or walk around the corner, look down and see it there. Maybe partly because I still remember a time when it didn’t exist. The view below is from the inside, out through the great windows, east on Washington Street towards the intersection with Meridian. The apex of the city.
Here’s a graphic representation of recent market activity in the central Indiana, nine-county, Indianapolis Metro area as complied by the F. C. Tucker Company using figures from all member companies of our local real estate board MIBOR. It shows the number of homes on the market vs. homes sold over the last thirteen months. An absorption rate is one way to quantify how strong the market is and also tends to show if it is a Sellers or a Buyers market. Another name for an absorption rate is called a monthly supply of homes. It is calculated by taking the total number of homes for sale in any given month, and dividing by the number of homes that were sold. For instance, in November ‘08, there was a 11.64 month supply. A year later in November ‘09, there was a 10.94 month supply which shows improvement compared to activity in that same month a year earlier. November supply ratios are usually higher than warm weather months in Indiana as sales slow down that time of year. In contrast in June ‘09, the monthly supply was 6.73 which shows a lot more active market. Analysts typically agree that a Sellers Market is considered to be when the supply of homes for sale in a given price range is less than a 4-month supply. A Neutral Market is considered to be when there is a 4 to 7-month supply. A Buyers Market is considered to be when there is a 7-month supply or greater. The numbers used here are taken from all price ranges of homes and would be different for certain specific price ranges. Or you can further define and change it by using only homes in a certain area. Generally, homes in upper price ranges have had a much lower absorption rate recently than those priced in lower price ranges. Some analysts think that sales in higher price ranges should start to improve the first half of this year.
