As has been the case with many other central Indiana towns the total number of pending sales plummeted in May. In Wayne Township there were just 71 pending sales compared to 165 in April—a decrease of 57 percent. Compared to May of 2009 this was a 40.8-percent decrease. Also not helping matters was a 0.8-percent increase in the total number of Wayne Township homes for sale, with 899 listings in May versus 892 the previous month. This was also a 3.7-percent increase versus May of 2009. But all was not bad for the Wayne Township Real estate market as the total number of homes sold climbed 11.1 percent, topping out at 130 sales in May versus 117 in April. Compared to 867 last May this was an increase of 3.7 percent.
There were minor improvements in other statistical categories. Starting with the time spent on market, Wayne Township homes spent an average of 78 days on market compared to 81 in April—a decrease of 3.7 percent. The 12-month average time on market through May, 2010 was 81 days.
While the sold-list differential was unchanged from April, at 95 percent of list, there was improvement versus last May’s anemic average of 92 percent. Over the past 15 months the sold-list differential in the Wayne Township area of Indianapolis, Indiana has been as low as 90 percent and as high as 95 percent—not exactly a seller’s dream-come-true.
Also improving, at least from a seller’s perspective, was the average cost per square foot, with buyers paying $47 in May compared to $43 the previous month. The 12-month average is $40 per square foot.
Some other pertinent stats:
- The average ‘sold’ price rose slightly, from $70 in April to $72 in May. The 12-month average is $62,000.
- The average active price dropped slightly from $86,000 in April to $84,000 in May, The 12-month average active price is $82,000.
- The absorption rate based on closed sales was 14.5 percent, while the absorption rate based on pending sales was 7.9 percent.
- There were 6.9 months of inventory based on closed sales, while there were 12.7 months of inventory based on pending sales.