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Sales Down, Listings Up in Center Township – June, 2010

Unlike other Indianapolis townships that recorded increases in total pending sales, the Center Township real estate market would not be so lucky in June, 2010. After dropping nearly 33 percent in May, the total number of pending sales in Center Township dropped another 10.3 percent, from 108 in May to 97 in June. This was also down 14.3 percent compared to last June’s total of 147 pending sales.

But pending sales was not the only key metric to head downward; the total number of homes sold dropped 11.3 percent, from 142 sales in May to 126 in June. Versus 147 homes sold in June of 2009 this is a somewhat larger decrease of 14.3 percent. And just be sure that the month of June was a total failure, at least in terms of basis market dynamics, the total number of listings in Center Township rose 6.2 percent, from 1,393 in May to 1,479 in June. More Center Township homes for sale while fewer homes are selling isn’t exactly great news for sellers, although buyers won’t complain. At least when compared to a year ago this same time total listings were down 2.6 percent.

The absorption rate based on pending sales dropped from an anemic 7.8 percent in May to an even more anemic 6.6 percent in June.  Alongside this was a decrease in the absorption rate based on closed sales, from 10.2 to 8.5 percent over this same time period.

Homes in this area of Indianapolis, Indiana have averaged 92 days on market over the past 12 months. In June, homes spent an average of 87 days on market. While this is not great it sure beats the 12-month high of 101 days that was set just one month prior.

Some other pertinent stats:

  • There has been a bit more variation in the average sold-list differential over the past 12 months in Center Township compared to other central Indiana townships. Over this period homes have sold for as little as 91 percent (March, 2010), and as much as 98 percent (December, 2009), of list price.
  • Want a 4,730 square-foot home for just under $100,000? No, you do not have to travel abroad to the likes of China or the Philippines; just head on over to the Center Township area of Indianapolis where, over the past 15 months, the average price per square foot has been and as high as $49 and as low as $21. The average cost per square foot over the past 12 months is $38.
  • The average active price in June was $139,000, while the average ‘sold’ price was almost half that, at $79,000.