Since awakening from a January real estate coma the Noblesville, Indiana market has continued to show signs of improvement in virtually every meaningful statistical category. Starting with the total number of homes sold, there were 114 close sales in April compared to 103 in March—an increase of 10.7 percent. Even more remarkable is the fact that this is a 42.5-percent increase over last April’s 80 sales.
But the improvements didn’t stop with home sales data: There was a 10.7-percent increase in the total number of pending sales, from 103 in March compared to 114 in April. Compared to April of 2009 this was an even greater improvement of 42.5 percent.
While total sales, both pending and closed, are important metrics, so is the total number of listings since this is fundamental to the supply-demand dynamic of any real estate market. The market improved in this category as well as the total number of Noblesville homes for sale dropped 1.1 percent, from 710 in March to 702 in April. Compared to 705 listings in April of 2009 this figure was down 0.4 percent.
Another area of improvement came in the total time spent on market, as homes spent an average of 110 days in April compared to 73 the previous month—a decrease of nearly 34 percent. The most recent 12-month average is 79 days on market.
The average ‘sold’ price for homes in Noblesville tends to be greater than that of nearby cities. In April, 2010 Noblesville homes sold for an average price of $172,000. This is up 3.6 percent from the previous month and almost 11 percent from last April. The 12-month average is $170,500.
Other pertinent stats:
- Buyers paid an average of $72 per square foot for Noblesville real estate in April compared to $72 in March and $66 last April. The 12-month average is $70.84.
- The absorption rate based on closed sales was 6.2 percent, while the absorption rate based on pending sales was 4.8 percent.
- There were 16.2 months of inventory based on closed sales, while there were just 4.8 months based on pending sales.