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Home Sales Rise for 3rd Consecutive Month in Lawrence Township

The outlook for the Lawrence Township Real Estate market continued to improve in April as there were increases across the board in three areas of measurement: homes sold, homes listed for sale and pending sales. Of these 3 metrics the greatest increase was in the total number of homes sold, with sales rising 13.5 percent in the Lawrence Township area of Indianapolis. Also, when compared to last April’s total of 111 the 151 sales in April, 2010 represents an increase of 36 percent and an even bigger increase of 57.3 percent versus 15 months ago. Home sales have risen 3 consecutive months since reaching a 15-month low of 51 sales in January, 2010.

Also moving in a positive direction was the total number of pending sales, with 179 in April compared to 166 the previous month; an increase of 7.8 percent. This increase is even more dramatic—22.6 percent to be exact– when compared to April of last year. Compared to February of 2009 (15 months ago) it is a spectacular increase of 94.6%.

But sales and pending sales weren’t the only statistics to rise; the number of Lawrence Township homes for sale rose 7.3 percent as there were 1,032 homes listed for sale in April versus 962 in March.

This increase in sales depleted approximate 0.4 months’ worth of inventory as there were 6.8 months of inventory in April compared to 7.2 in March. The absorption rate based on closed sales increased from 13.8 to 14.6 percent while the absorption rate based on pending sales remained unchanged at 17.3 percent.

The average time spent on market dropped 14.6 percent, going from 82 days in March to just 70 in April. This corresponds to a 38-percent drop from last April when homes spent a 15-month high of 113 days on market.

Some other pertinent stats:

  • Buyers paid an average price of $63 per square foot. This is unchanged from the previous month.
  • The average ‘sold’ price dropped from $158,000 in March to $133,000 in April.
  • At $199,000 the average active price remained virtually unchanged from the previous month’s average of $200,000.