Not one township in Indianapolis, Indiana was immune from the decline in pending sales that occurred in May, 2010. Indeed, the only thing separating them was the severity thereof. In the case of Decatur Township, the total number of pending sales dropped 48.1 percent, from 54 in April to 28 in May. Compared to a year ago, in May, this was a 22.2-percent decrease.
But while pending sales, in theory, should eventually turn into closed sales they are not indicative of actual market performance as they do not represent final commitments. For this, we turn to the statistical category of closed sales. In Decatur Township, there was a 13.5-percent increase in closed sales, from 37 in April to 42 in May. Versus May of 2009 this is a significant 44.8-percent increase.
On a fundamental level, any market is reducible to the dualistic variables of supply and demand. On a national level, swelling real estate inventories have created downward price pressure. This is why any decrease in supply is welcomed news for any local real estate market. As concerns Decatur Township the total number of listings dropped 2.2 percent in May.
After dropping to a 15-month low of just 56 days in March, 2010 the average time spent on market in May rose to 80 days. Over the past 12 months the average time spent on market is 75 days.
Decatur Township homes for sale have sold, on average, for 96 percent of list price over the past 12 months. It was in this statistical category that the Decatur Township real estate market performed as close to flawless as it gets, with homes selling for an average of 99-percent of list price in May. If you were a seller, chances are you were pretty satisfied with the end result.
Some other stats:
- The average cost per square foot dropped slightly versus April, from $53 to $55. The 12-month average is $50 per square foot.
- The average ‘sold price of $98,0000 was up 15 percent from the 12-month average of $85,000.
- There were 6.4 months of inventory based on closed sales and 9.5 months of inventory based on pending sales.
- The absorption rate based on closed sales was 15.7 percent while the absorption rate based on pending sales 10.5 percent.