Unlike other townships in Indianapolis, Indiana whose total pending sales rebounded from the recent expiration of the federal tax credit for new home purchases Perry Township was not as fortunate. Total pending sales dropped 10.1 percent, from 69 in May to 62 in June, 2010. Compared to last June’s total of 120 pending sales, however, this is a much more significant drop of 48.3 percent. But while pending sales were down, the rate of decrease slowed significantly. Perhaps this is an early indicator that things will move in to the positive in July, at least with respect to the pipeline of pending sales.
With so many pending transactions having fallen apart in May it’s no wonder that the total number of closed sales in June were also down. There were 99 close sales in June versus 115 the previous month—a drop of 13.9 percent. Compared to June of 2009 there were 7.5 percent fewer close sales.
One area of measurement that has been far more reliable, much to the chagrin of sellers and listing agents, has been that of total listings. Nationwide, inventories have slowly crept upward as many bank-owned properties have been put on the market. In June, there were 2.8 percent more Perry Township homes for sale compared to the previous month, or 653 versus 635 respectively. Compared to June of 2009 there were 9.9 percent more homes for sale.
One statistical category in which the Perry Township real estate market has been particularly solid is that of the sold-list differential. In fact, not once in the past 15 months has the average for this metric dropped below 95 percent. Three out of the past 5 months it has averaged 97 percent, June included. The 12-month average is 96 percent.
Some other pertinent stats:
- The average time spent on market rose a significant 32 percent, from 65 days in May to 86 in June. This is nearly 23 percent above the 12-month average of 70 days.
- The average price per square foot of $59 was down a bit from the previous month’s average of $62 and just slightly above the 12-month average of $58.
- The average ‘sold’ price dropped from $110,000 in May to $109,000. The 12-month average is $103,000.
- The average active price dropped from $131,000 in May to $130,000 in June. The 12-month average is $132,000.
- The absorption rate based on closed sales was down from the previous month’s average of 18.1 percent, finishing at 15.2 percent. Based on pending sales, the absorption rate was down a bit from the previous month at 9.5 percent.
- There were 6.6 months of inventory based on closed sales and 10.5 months based on pending sales.