Westfield Home Sales Down as Total Listings Rise

What stands out most from the Westfield real estate data is the reverse directions of lines representing total listings and total sales, with the latter heading in a negative direction for the first time in 4 months. Maybe this had something to do with the recently expired federal tax credit for new home purchases. Whatever the case, the total number of homes sold in Westfield, Indiana dropped 22.4 percent, from 49 in April to 38 in May, 2010. Compared to a total of 44 sales in May of 2009 this was a decrease of 13.6 percent. In contrast, the total number of listings rose 8.3 percent, from 290 in April to 314 in May. Compared to last May’s total of 312 Westfield Homes for sale, however, the increase is much less pronounced at just 0.6 percent. But it is the statistical category of pending sales that took the biggest hit not only in Westfield but in every other central Indiana city we’ve examined thus far. Total pending sales dropped a whopping 63.6 percent, from 55 in April to just 20 in May. Comparable in magnitude was the 51.2-percent decrease in pending sales versus last May’s total of 44.

If you were a seller in May then chances are your home spent an average of 25 percent less time on market (47 days) versus the previous month (63 days). This is nearly 40 percent under the 12-month average of 78 days on market, not to mention one heck of an improvement over the 15-month high of 116 days on market that was set in February, 2010.

Some other statistical facts:

  • The sold-list differential remained unchanged from the previous month at 97 percent. The 12-month average is also 97 percent.
  • The average price per square foot rose a bit, from $74 in April to $79 in May. The 12-month average is $78.
  • There was a 27-percent difference between the average active price of $292,000 and the average ‘sold’ price of $213,000.
  • There were 8.3 months of inventory based on closed sales and 15.7 months of inventory based on pending sales.
  • The absorption rate was 12.1 percent based on closed sales and 6.4 percent based on pending sales.
  • The median home price of $191,000 was 7.7 percent below the 12-month average of $207,000.