Greenfield Real Estate Market Has a Ways to Go in June, 2010

When the recently expired federal tax credit for new home purchases ripped the heart out of real estate markets in several central Indiana cities many wondered when, or if, a rebound might occur. For many of those markets, the answer was June, 2010. For the Greenfield real estate market, unfortunately, this was not the case as total pending sales continued to fall, albeit not as quickly as the preceding month. Whereas there was a 45.3-percent drop in total pending sales in May, the drop was a less ominous 20-percent in June as 28 pending transactions were in line for closure. Compared to last June’s total of 38 pending sales this represents a 26.3-percent decrease.

But while pending sales were busy falling so were actual sales; there were 13.6 percent fewer homes sold in June (38) compared to the May (44). At least when compared to last June’s total of 34 sales this represents an increase of 11.8 percent.

Meanwhile, the total number of homes listed for sale grew 2.4 percent, from 334 in May to 342 in June. Relative to June of 2009, when there were just 310 Greenfield homes for sale this is an increase of 10.3-percent.

Some other pertinent info:

  • In the past 15 months the average time spent on market surpassed the 100-day mark on 7 occasions. Not only is June included in this list but the average time on market of 125 days represents a new 15-month high as well as a 60-percent increase over the previous month’s average of 78 days. The 12-month average is 87 days.
  • Greenfield, Indiana home sellers have not fared all too differently from those of other nearby cities in the category of sold-list differential. In June, homes sold for an average of 95 percent of list price. While this metric dropped to a 15-month low of just 92 percent in December, 2009 it should be noted that, well, it was December. At no other time during this period did the sold-list differential drop below 94 percent. The 12-month average is 95 percent.
  • The average price per square foot of $62 was just 3 percent below the previous month’s average of $64 and 4.6 percent below the 12-month average of $65.
  • The average ‘sold’ price of $125,000 in June was just 1.6 percent above the 12-month average of $123,000. It had been $126,000 in May.
  • The average active price was $476,000.
  • There were 9 months of inventory based on closed sales and 12.2 months based on pending sales.
  • The absorption rate was 11.1 percent based on closed sales and 8.2 percent based on pending sales.