Westfield Real Estate Market Looking Good in April

There was little to not like about the Westfield real estate market in April, 2010. The total number of homes sold rose 17.5 percent, from 40 in March to 47 in April. Compared to April of 2009 this was an even bigger increase of 51.6 percent. Improvement was also seen in the total number of pending sales; with 54 in April versus 51 the previous month there was 5.9-percent improvement. Compared to last year this was a 10.2-percent improvement. From a seller’s standpoint, the last thing you want is an increase in the available inventory. With no change in the total number of Westfield homes for sale in April this was not a concern. What’s more, compared to the 324 homes listed for sale last April this was a decrease of 10.5 percent.

If you were a seller in April, then chances are it took 64 days to sell your home. This was nearly 23 percent less time on market compared to the 12-month average of 83 days. Over the past 15 months Westfield homes have spent as few as 44, and as many as 116, days on market.

Other pertinent stats:

  • Only twice in the past 12 months has the sold-list differential dropped below 96 percent in Westfield, Indiana. Over the past 12 months this metric is has averaged 97 percent and this is the exactly what Westfield sellers got in April.
  • At $74, the cost per square foot paid by buyers in April remained unchanged from that of March. The 12-month average is $78 per square foot.
  • The average ‘sold’ price was up ever-so-slightly, from $216,000 the previous month to $217,000 in April. This was down 7.6 percent from the 12-month average of $235,000.
  • The average active price was $291,000—down 4.2 percent from the 12-month average of $304,000.
  • The absorption rate based on closes sales was 16.2 percent, while the absorption rate based on pending sales was 18.6 percent.
  • There were 6.2 months of inventory based on closed sales, while there were 5.4 months of inventory based on pending sales.