Lawrence township followed suit with other Indianapolis townships that have experienced a drop in the total number of homes sold — and then some. That’s because the total number of homes sold in January of 2010 was less than half its December ’09 total of 111. Adding insult to injury, at least from a home seller’s standpoint, was an increase in the total number of homes for sale in Lawrence township, rising from 851 last month to almost 900 in January of 2010. This is just 12.8 percent of the total 6,959 homes for sale in Indianapolis. At the same time, the total number of pending sales increased from 66 in December to 82 in January.
The average time spent on market for a home on the Lawrence township real estate market was approximately 83 days, up 4 ticks from December’s total of 79. Seller’s received a decent 95 percent of their asking price. Considering that the average active price was around $200,000 and the average sold price was $111,000 it would appear that buyers were more interested in lower priced homes. This assumption is reinforced by a median price of $91,000.
There were 17.9 months of inventory based on closed sales, 10.9 months based on pending sales and 5.6 months based on closed sales. The absorption rate based on closed sales was 5.6 percent. Of course, these figures are just a subset of the total market in Indianapolis, Indiana.