The total number of homes for sale in Perry township rose nearly 8 percent from December’s total of 506 to reach 547. This is 7.8 percent of the total 6,959 homes for sale in Indianapolis.
With homes not moving in Perry township one might expect the total number of months of inventory based on closed sales to increase and that is exactly what happened, with approximately 11.9 months of inventory compared to just 5.8 in December. A similar dynamic was at work as an increase in the total number of pending transactions, from 51 in December to 66 in January, was accompanied by a corresponding decrease in the total months’ worth of inventory based on pending sales, from 9.9 in December to 8.3 in January of 2010.
The total number of homes sold dropped nearly 48 percent, going from 88 in December to just 46 in January –something not unexpected for a Perry township real estate market that was almost literally in cold storage.
There was good news for home sellers in that the total number of days spent on market dropped from 79 in December to just 56 in January. To be able to sell a home in the Indianapolis real estate market in less than 2 months is decent.