As has been the case throughout much of central Indiana, the total number of pending sales in Brownsburg underwent a steep drop-off in May, 2010. From 74 pending sales in April to just 20 in May this drop-off measured 73 percent to be exact. Even compared to last May the difference was pronounced as there were 64.3 percent fewer pending sales. The flip-side of this all was that the total number of actual, closed sales rose 10.5 percent, from 57 in April to 63 in May. Compared to last year (May, 2009) this was an even larger increase of 23.5 percent. But while title companies were busy closing sales, new sellers were contributing to a 1.1-percent increase in the total number of Brownsburg homes for sale; 288 in all. This represents a 5.5-percent increase versus last May’s total of 273.
One statistical category in which the Brownsburg real estate market has always fared well is that of the sold-list differential. In May, 2010 homes sold for an average of 97 percent of list price. This was slightly above the 12-month average of 96 percent. Over the past 15-months Brownsburg homes have never sold for less than 95 percent of list price.
The average time spent on market dropped to a 6-month low of just 61 days. This is a 29-percent decrease versus last May’s average of 86 days and a 26.5-percent decrease from the 12-month average of 83 days on market. Over the past 15 months Brownsburg, Indiana homes have spent as many as 126 (April, 2009), and as few as 51 (November, 2009), days on market.
A few other stats:
- The total months of inventory based on closed sales dropped slightly, from 5 in April to 4.6 in May, while this same metric based on pending sales shot up from 3.9 months to 14.4 months over this same period.
- The absorption rate based on closed sales rose slightly, from 20 percent in April to 21.9 percent in May.
- The absorption rate based on pending sales dropped almost four-fold from 26 in April to 6.9 in May.
- The average ‘sold’ price of $173,000 was 3.6 percent above the 12-month average of $167,000.
- The average active price was $214,000.