Fishers Real Estate Market Takes Hit in July, 2010

The Fishers real estate market took a hit as the total number of homes sold dropped an unnerving 43.6 percent, from 149 sales in June to just 84 in July, 2010. The last time we saw figures like this was in the depths of winter. Relative to July of 2009, when there were 152 sales, this represents a drop of 44.7 percent. At least total pending sales held steady at 93 relative to the previous month. That said, they have still fallen quite a ways since hitting a 15-month high of 195 in April of 2010. A new 15-month high of 728 total listings eclipsed the previous month’s total of 719 which, at the time, was also a 15-month high. Relative to July of 2009, when there were just 661 Fishers homes for sale on the market, this is a 10.1-percent increase in total listings.

Since dropping to a 15-month low of just 58 days in May and June of 2010 the total time spent on market rose 50 percent in July to an average of 80 days. Homes spent an average of 60 days on market in July, 2010. The 12-month average time spent on market is 69 days.

The average sold-list differential in Fishers over the past 12 months has been a model of consistency, falling below 96 percent just once. Other than August of 2009, when it dropped to 94 percent, the sold-list differential has averaged 97 percent in 8 out of the past 12 months.

Some other pertinent stats

  • The average price per square foot rose just slightly, from $75 in June to $76 in July. The 12-month average for this metric is also $76.
  • The average ‘sold’ price climbed 6.9 percent , from $216,000 in June to $231,000 in July. This is also a 13.2-percent increase over last July’s average ‘sold’ price of $204,000. The 12-month average is $211,000.
  • The average active price rose just a bit from of $283,000 in June to $288,000 in July. This is down just 4.6 percent from last July’s average of $302,000. The 12-month average active price is $290,000.
  • There were 8.7 months of inventory based on closed sales in July and  7.8 months based on pending sales.
  • The absorption rate based on closed sales was nearly cut in half from the previous month’s figure of 20.7 percent, finishing at just 11.5 percent. Meanwhile, the absorption rate based on pending sales dropped just a tick, from 12.9 in June to 12.8 in July.
  • The median price was $195,000.