Wayne Township Home Sales Rebound from February Slump

There was an asymptotic increase in the total number of pended transactions in March when viewed over the past 3-month span.  There were 154 pended sales on the books in March compared to 100 in February and 89 in January.  This represents a significant increase 54 percent over a 1-month span and a somewhat milder increase of 8.5 percent compared to a year ago.

Fortunately, the total number of homes sold in Wayne Township rebounded from a February slump, with 83 sales in March compared to just 69 the previous month.  In not-so-silver lining is that this equates to a 26.5 percent decrease compared to this same time last March when 113 homes sold.

With 874 Wayne Township homes for sale in March the number of listings increased 3.4 percent versus the previous month.   Compared to the 851 listings in March of 2009 this is a more modest increase of just 1.5 percent.  Over the past 12 months there has been an average of 889 homes listed for sale on the Wayne Township real estate market.

There was 12.5 months’ worth of inventory in March based on closed sales, or a decrease of 13.9 percent compared to the 15-month high of 12.2 months’ worth in February of this year.  The total months’ worth of inventory based on closed sales over the past 15 months has never dropped below 7.1 months.

Fortunately, the absorption rate of 17.6 percent based on pended sales was never higher over the past 15 months than it was in March.  Prior to March, a 15-month high of 16.9 percent occurred in June, 2009.

Sellers of homes located the Wayne Township area of Indianapolis, Indiana received an average of 93 percent of list price; this is a 3-percent increase over the 15-month low of 90 percent that belonged to March of 2009.