Three key indicators of market performance are total sales, total pending sales and total homes for sale. In 2 out 3—total sales and total pending sales—the Plainfield real estate market left much to be desired. Starting with total pending sales, there was a 7.7-percent drop, from 26 the previous month to 24 in June. But after dropping nearly 51 percent in May this decline in pending sales is mild in comparison. Perhaps most importantly, the rate of decrease in this statistical measure suggests that an upward trend is not only possible, but maybe even likely. Stay tuned.
Moving on to our second key indicator, that of total sales, there was a drop of 16.7 percent as 7 fewer homes sold in June (35) compared to May (42). Versus last June’s total of 43 sales this represents a decrease of 18.6 percent.
Considering that 17 pending sales vanished from the pipeline in May is a wonder that there wasn’t a corresponding increase in the total number of Plainfield homes for sale, as has been the case for many other central Indiana cities. Fortunately, at least from a seller’s perspective, this was not the case in Plainfield, Indiana as total listings dropped 1.9 percent, from 210 in May to 206 in June. This is beneficial from a supply-and-demand standpoint since it doesn’t add to the downward price pressure that has become prevalent in many areas around the state. Relative to June of 2009, however, listings were in fact higher by 7.9 percent.
Some other pertinent statistical tidbits:
- From the 15-month high of 120 days that occurred in April of 2009 to the 15-month low of 51 days that occurred in February, 2010 the average total time on market during this period varied by as many as 69 days. In June, the average time on market of 73 days was 13 percent below the 12-month average of 84 days.
- Only once in the past 15 months has the sold-list differential dropped below 96 percent. June’s average of 96 percent was just a shade below the 12-month average of 97 percent.
- June’s average price per square of $79 was 9.1 percent above the previous month’s average of $87 and percent above the 12-month average of $74.
- There were 5.9 months of inventory based on closed sales and 8.6 months based on pending sales.
- The absorption rate was 17 percent based on closed sales and 11.7 percent based on pending sales.
- The average ‘sold’ price of $146,000 was 22.3 percent below the previous month’s average of $188,000 and 8.7 percent below the 12-month average of $160,000.
- The average active price was $189,000.
- The median price was $140,000.