Not only did the total number of pending sales in Center Township drop to a 15-month low of just 108 in May, but the corresponding 29.4 percent decrease versus the previous month was the single largest percentage drop that occurred within the most recent 15-month period. Compared to a total of 128 pending sales in May of 2009 it was a 15.6-percent drop. Off-setting this somewhat disturbing news was a fortuitous increase in the total number of closed sales; with 133 in May compared to 115 the previous month it was a 15.7-percent increase. Compared to 118 total sales in May, 2009 this was a 12.7-percent increase. Our 3rd key indicator, total listings, also moved in a favorable direction, falling 0.9 percent from 1405 listings in April to 1393 in May. Versus 1500 Center Township homes for sale in May of 2009 this represents a 7.1-percent decrease. In general, any decrease in the total number of listings has the effect of easing the downward price pressure that is created when the number of new listings out-paces that of closed sales.
If you were a seller then you probably weren’t thrilled with how long your home spent on market before finally selling. That’s because homes spent an average of 99 days on market in May, 2010. This was not far from a 15-month high of 105 days that was set in September of 2009. But with homes in the Center Township area of Indianapolis spending an average of 92 days on market over the past 12 months this was just ‘business-as-usual for sellers in the Center Township real estate market.
A few other statistical tidbits:
- The average sold-list differential in Center Township over the past 12 months has been a less-than-desirable 94 percent. It was exactly 94 percent in both April and May of 2010.
- Buyers paid an average of $45 per square foot in May versus $37 in April. The 12-month average is $38 per square foot.
- The average ‘sold’ price rose 21 percent, from $71,000 in April to $86,000 in May. This is nearly a 25-percent increase over the 12-month average of $69,000.
- There were 10.5 months of inventory based on closed sales in May versus 12.2 the previous month. There were 9.2 months of inventory based on pending sales in May versus 12.9 the previous month
- The absorption rate in May based on closed sales was 9.5 while the absorption rate based on pending sales was 7.8.