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Home Sales Rise a Healthy 19.1 Percent in Pike Township

Since reaching a 15-month low of just 52 in January, 2010 the number of pending sales remained on an upward, linear trajectory for the 3rd consecutive month, rising 25.6 percent for a total of 157 in April. This is a 28.7-percent increase from last April’s total of 122 and an impressive 76.4-percent increase versus February of 2009 when there were just 89 pending sales.

The total number of homes sold in the Washington Township area of Indianapolis rose a healthy 19.1 percent, going from 94 in March to 112 in April.  Compared to 86 sales in April of 2009 this is an increase of 30.2 percent.

Also on the rise was the total number of Pike Township homes for sale, with 647 listings on the books for April compared to 621 the previous month.  While this is a 4.2-percent increase over the previous month it is a 2.6-percent decrease from April of 2009 when there were 664 homes listed for sale.

Since reaching a 15-month high in January, 2010 the average time spent on market has been on the decline. Homes spend an average of 83 days on market in April compared to 97 days in March, a decrease of 14.4 percent. The average time spent on market in the most recent 12-month period including April, 2010 is 88.4 days.

The sold-list differential dropped from 96 percent in March to 94 percent in April. Over the past 15 months this metric has never dropped below 93 percent and never risen above 97 percent. The most recent 12-month average sold-list differential is 95.4 percent.

The Pike Township real estate market bore an average price of $64 per square foot in April compared to $62 the previous month. This is down just a tick from the 12-month high of $65 that was set in November of 2009.

Some other pertinent stats ( April versus March):

  • The absorption rate based on closed sales rose from 20.1 to 24.3 percent
  • The absorption rate based on pended sales rose from 15.1 to 17.3 percent.
  • The months of available inventory based on closed sales dropped from 6.6 to 5.8.
  • The months of available inventory based on pended sales dropped from 5.0 to 4.1.