There are two things that really stand out in the above graph: pending sales and close sales, both of which are interrelated. Starting with pending sales, there was a 59.1-percent drop from 22 the previous month to just 9 in May. Compared to May of 2009 this was a 25-percent drop. This significant drop translated into a huge 125-percent rise in the total number of homes sold as several pending sales finally made it to the closing table. May’s total of 18 sales was more than double April’s total and 5.6-percent more than May of 2009. Our third, key metric, total listings, showed an increase of 2.5 percent as there were 121 Danville homes for sale in May compared to 118 the previous month. Versus May of 2009 this figure was up 8 percent.
One area in which sellers could not have been thrilled was that of average time spent on market. In May, 2010 Danville homes spent an average of 110 days on market, up nearly 24 percent from April’s average of 89 days. The most recent 12-month average time on market in Danville, Indiana is 94 days.
But while Danville sellers have had to wait over 3 months on average to sell their homes at least they have retained a little dignity in the process as homes sold for an average of 98 percent of list price in May. Prior to this, the sold-list differential had been as low as 91 percent (February, 2010) and as high as 97 percent (November, 2009). The 12-month average is 95 percent.
Some other pertinent stats:
- Danville real estate tends to be affordably priced relative to other central Indiana cities. Buyers paid an average of $69 per square foot in May compared to $63 the previous month. The 12-month average is $66 per square foot.
- The average ‘sold’ price jumped a hefty 54.8 percent versus April, with homes selling for an average of $175,000. This is also a 23-percent increase over the 12-month average of $142,000.
- There was less disparity in Danville between the average ‘sold’ price and average active price compared to other central Indiana cities. The average active price in May was up 3.4 percent, from $206,000 in April to $210,000 in May.
- There were 6.7 months of inventory based on closed sales, and 13.4 months based on pending sales.
- The absorption rate was 14.9 percent based on closed sales and 7.4 percent based on pending sales.