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Greenfield Pending Sales Soar 45 percent in April

The total number homes sold in Greenfield, Indiana dropped 5.6 percent, from 36 in March to 34 in April. But this statistic comes with big, fat asterisk, namely, because there was such a large, off-setting increase in the total number of pending sales, from 40 the previous month to 58 in April–an increase of 45 percent. This is also a whopping 76-percent increase from last April’s total of just 34 percent. Sooner or later, those pending sales start will turn into completed sales, rendering the April’s drop in sales a moot point. Meanwhile, the total number of Greenfield homes for sale rose from 316 in March to 349 in April for an increase of 10.4 percent. Compared to April of 2009 this is an increase of 17.1 percent.

Homes spent an average of 60 days for sale on the Greenfield real estate market in April compared to 69 days the previous month. This is a decrease of 13 percent over the month and a 33-percent decrease from the 12-month average of 89 days on market.

Since reaching a 12-month low of just 92 percent in December of 2009 the sold-list differential has rebounded quite nicely in the months that followed, with homes selling for an average 98 percent of list in April. This is a 2.5-percent increase over the 12-month average sold-list differential of 95.5 percent.

Some other pertinent stats:

  • The average ‘sold’ price rose from $110,000 the previous month to $144,000 in April. This is a 16.6-percent increase over the 12-month average of $123,500.
  • The absorption rate based on pending sales rose from 12.7 to 16.6 percent while the absorption rate based on closed sales dropped from 11.4 to 9.7 percent.
  • There were 10.3 months of inventory based on closed sales and 6.0 months based on pending sales compared to 8.8 and 7.9 months respectively in March.

Overall, most indicators suggest that the Greenfield real estate market is moving in a positive direction.