Time Spent on Market Drops for Homes in Center Township

Just two Indianapolis townships suffered a drop in sales and Center Township was one of them. The total number of homes sold dropped from 148 in March to 108 in April for a decrease of 27 percent. In a Center Township real estate market that has struggled to maintain even flat in this statistic the bright side is that this is a decrease of just 12.9 percent compared to April of 2009.

But the total number of home sales wasn’t the only metric to drop; the total number of pending sales was also down from 142 in March to 140 in April, for a decrease of 1.4 percent. This same stat is down 9.7 percent compared to last April.

With decreases in pending and completed sales it’s a wonder that the total number of Center Township homes for sale didn’t climb higher than the 0.9 percent increase that belonged to April. However, compared to the 1,475 homes listed a year ago in April this was a decrease of 12.9 percent.

Not surprisingly, the available months of inventory based on closed sales rose from 9.4 in March to 13 in April, for an increase of 38 percent. The increase in the total months of inventory based on closed sales was far less pronounced as there was a 10-month supply versus 9.8 the previous month.

Owing to the fact that there was just a slight increase in the number of listings the absorption rate based on closed sales dropped just 0.2 percent. The decrease in the absorption rate based on pending sales, however, was a bit more significant, dropping 2.9 percent from 10.6 in March to 7.7 in April.

Homes spent an average of 87 days on market in April compared to 88 the previous month and 97 last April. This is a 5.4 percent decrease from the most recent 12-month average of 92 days and a 17-percent decrease from a 12-month high of 105 days that was set in September of 2009.