A drop in total sales comes as no surprise after the last month’s pending sales pipeline was more than cut in half by the recently expired tax credit for new home purchases. In Greenwood, Indiana there were 25.9 percent fewer sales in June (109) compared to May (147). Compared to last June’s total of 129 sales this represents just a 15.5-percent drop. Hopefully, the damage is done and we can all just move forward from here. After all, is there really a choice?
One the bright side, the total number of pending sales rose 1.3 percent, which is to say there were 76 pending sales in June compared to 75 in May. Still, an increase is an increase. At least the pipeline would seem to have stabilized for the moment. Assuming no significant fall-out from the current batch of pending sales perhaps we will see some actual growth in total sales in the coming weeks.
Since reaching a 15-month low of 587 in December, 2009 the total number of listings has increased in from one month to the next. With 728 Greenwood homes for sale in June this figure came close to matching the 15-month high of 739 listings that was set in May of 2009. It was 1.1 percent above last June’s total of 718 listings. While this figure has grown in a near linear fashion over the past 6 months there has been somewhat of a slowing in the rate of growth recently—good news if you’re a seller or listing agent.
Some other pertinent stats:
- The average time spent on market in June of 91 days represents a new 12-month high as well as a 21.3-percent increase over the previous month’s average of 75 days. The 12-month average time on market is 79 days.
- In the past 15 months homes have sold for less than 95 percent of list price just once, in January of 2010, when the average was 94 percent. The sold-list differential in June was of 95 percent was just below the 12-month average of 96 percent.
- The average price per square foot has fluctuated by as much as 22 percent over the past 15 months. It averaged $71 in June—up just a shade from the 12-month average of $69.
- Greenwood real estate agents were probably no thrilled with the average absorption rate of 15 percent based on closed sales. The absorption rate based on pending sales dropped from 10.6 to 10.5 percent.
- There were 6.7 months of inventory based on closed sales and 9.6 months of inventory based on pending sales.
- The average ‘sold’ price rose 3.6 percent, from $164,000 in May to $170,000 in June. This is 9.6 percent above the12-month average of $155,000.
- The average active price was $214,000.
- The median price was $149,000.