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Plainfield Real Estate Market Stands Apart as Sales Increase Significantly

The Plainfield real estate market stood somewhat apart from other nearby central Indiana cities that suffered a significant drop in total pending sales. It’s not that Plainfield, Indiana didn’t suffer a serious drop in pending sales; it did. But this drop was accompanied by a significant increase in the total number of closed sales as the number of homes sold in rose 31.3 percent, from 32 in April to 42 in May, 2010. In all other cases thus far, where there has been an increase in sales it has been slight at best. Even when compared May of 2009 Plainfield sales were up 35.5 percent. Now, for the downside: The total number of pending sales in Plainfield dropped 54.2 percent, from 48 to 22. Compared to a total of 39 pending sales in May of 2009 this is a decrease of 43.6 percent. Fortunately, at least from a seller’s perspective, the total number of Plainfield homes for sale also dropped from 225 in April to 210 in May. This 6.7-percent drop is good from supply-and-demand standpoint because it counteracts the downward price pressure that results from an over-supply of homes.

Another statistical category in which the Plainfield market stood apart from those of its central Indiana neighbors was that of the difference between the average active price and the average ‘sold’ price. In most cases, this difference is significant. In Plainfield, both the active price and ‘sold’ price averaged $188,000 in May, 2009. Throughout much of central Indiana the average difference between the ‘sold’ price and active price is 25 percent, with the average sold price being the lower of the two.

Some other pertinent stats:

  • Plainfield homes spent an average of 86 days on market. This is just a tad above the 12-month average of 86 days.
  • The sold-list differential was 97 percent. Over the past 12 months t homes in Plainfield have never sold for less than 96 percent of list price. The 12-month average is 97 percent.
  • The average price per square foot rose nearly 13 percent, from $77 in April to $87 in May. The 12-month average price per square foot is $74.
  • There were 5 months of inventory based on closed sales and 9.5 months of inventory based on pending sales.
  • The absorption rate was 20 percent based on closed sales and 10.5 percent based on pending sales.