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Greenfield Sold-List Differential Holds Steady at 95 Percent in May, 2010

Not surprisingly, the total number of pending sales in Greenfield, Indiana dropped significantly in May, 2010. In fact, May’s total of 30 pending sales was exactly half that of the previous month. While this is a large drop it is nevertheless a 7.1-percent increase versus last May’s total of 28 pending sales.

Of course, usually when there is a drop in the total number of pending sales it is because those pending sales turned into closed sales. This could be seen in May as there was a 12.8-percent increase in the total number of close sales, from 39 in April to 44 in May. When viewed one year removed from May of 2009 this is an even larger increase of 46.7 percent.

But while the sales pipeline somewhat emptied itself in May, at least the total number of Greenfield homes for sale did not increase. In May, there was a 4.3-percent drop from the previous month’s total of 349 listings. This, however, was up 7.4-percent versus last May’s total of 311 listings. Over the past 12 months, there has been an average of 316 total listings per month.

The average time spent on market in May rose nearly 28 percent, from 61 days in April to 78 days in May. Over the past 15 months Greenfield homes have spent as many as 132 (March, 2009), and as few as 61 (April, 2010), days on market. The average time spent on market over the past 12 months has been 86 days.

The average sold-list differential for residential Greenfield real estate was 95 percent in May. This was also unchanged from the 12-month average of 95 percent. In fact, over the past 12 months this figure has dropped below 94 percent just once, when it bottomed out at 92 percent in December of 2009.

Some other pertinent statistical information:

  • The average price per square foot of $64 was only slightly below the 12-month average of $65.
  • The average ‘sold’ price dropped 8.6 percent, from $138,000 in April to $126,000 in May. The average ‘sold’ price over the past 12 months has been $122,000.
  • The average active price was $177,000—down just 2.2 percent from the 12-month average of $181,000.
  • There were 7.6 months of inventory based on closed sales and 11.1 months of inventory based on pending sales.
  • The market absorption rate was 13.2 percent based on closed sales and 9 percent based on pending sales.