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Time on Market for Plainfield Homes Rebounds from 12-Month High

While the Plainfield, Indiana average of 107 days on market in March was not as bad as that of other Indiana cities it was nevertheless far from ideal. Fortunately, the average time on market dropped significantly in April – 19.6 percent to be exact — to ‘just’ 86 days. This is more in line with the 12-month average of 84 days and a heck of a lot better than the 15-month high of 120 days that was set not once, but twice, in March and April of 2009.

The total number of homes sold dropped 6.9 percent, from 29 in March to 27 in April. Still, compared to April of 2009 sales were still up 17.4 percent. But what the Plainfield real estate market lacked in home sales it more than made-up for in the category of pending sales, as there were 38 in April–an increase of 31 percent. This was also an increase of 15.2 percent versus the 33 pending sales of last April. Meanwhile, the total number of Plainfield homes for sale remained unchanged from the previous month, with 225 homes listed for sale in April. However, compared to April of 2009, when there were just 180 homes listed for sale, this was an increase of 25 percent.

One statistical category in which the Plainfield market has not fared particularly poorly is the average ‘sold-list’ differential. Over the past 12-months this metric has averaged 97 percent. While it was a bit below this average in April it was still a respectable 95 percent.

Other pertinent stats:

  • The average cost per square foot paid by buyers rose approximately 11 percent, from $70 in March to $79 in April. This was up 8 percent from the 12-month average of $73 per square foot.
  • The average ‘sold’ price rose slightly, from $171,000 the previous month to $176,000 in April.
  • The absorption rate based on closed sales was 12 percent, while the absorption rate based on pending sales  was 16.9 percent.
  • There were 8.3 months of inventory based on closed sales while there were 5.9 months of inventory based on pending sales.