Warmer temperatures in Plainfield, Indiana brought over a 100-percent increase in the total number homes sold, with 25 sales in February compared to just 12 in January. The number of pending sales dropped 31 percent for a total of 20 compared to last month’s total of 29 pending sales. February of 2009 nearly split the difference with a total of 25 pending sales on the books. The number of Plainfield homes for sale dropped slightly from 211 the previous month to 208 total listings in February.
The good news for sellers was that the average time spent on market dropped nearly 38 percent, with homes selling in 54 days in February compared to 87 days the previous month. Homes spent an average of 86 days on market in February of 2009. The 12-month average is 88.5 days spent on market.
The sold-list differential has remained remarkably stable over the past 12 months at 96.7 percent. February was no different with Plainfield homes selling for an average of 97 percent of list.
The good news for buyers of listed for sale on the Plainfield real estate market was that the average cost per square foot dropped to just $56, or a 20 percent decrease from February’s average of $70. While this is still up 14 percent from Last February’s average of $49 it is down almost 22 percent from the 12-month average of $71.90 paid per square foot.
Overall, the behavior of the Plainfield real estate market is similar to many other Central Indiana cities in that the beginning of an upward trend has likely begun with the onset of spring. We can probably expect continued increases in the number of homes sold and possibly the number of new listings.