Pike Township Real Estate Market: Increases in Several Key Indicators

As we have recently seen in other townships of Indianapolis, Indiana there were increases in several key indicators for the Pike Township real estate market, including total homes sold, total pending transactions and total homes listed for sale. Starting with the total number of homes sold, there was an increase of 28 percent compared to the previous month, with 73 recorded sales in March compared to 57 in February.  Nevertheless, things would appear to be off to a somewhat slower start compared to the 95 homes that sold a year ago in March.

Also on the rise was the total number of pending sales, with 112 on the books for March compared to 83 the previous month, an increase of nearly 35 percent.  This figure is up 14.3 percent compared to the 98 pending sales that were listed in March of 2009.

The total number of Pike Township homes for sale jumped 7.6 percent, going from 577 in February to 621 in March.  However, this is an 8.8 decrease compared to March of 2009 when 681 homes were listed for sale.

With homes taking an average of 114 days to sell in March compared to 91 in February the time spent on market increased approximately 25 percent.  A year ago in March homes spent an average of 96 days on market.

The sold-list differential for homes in Pike Township remained remarkably stable for the past 11 months and March was no different; sellers received an average of 96 percent of list price.  The average ‘sold’ price of $124,000 was up 18 percent  versus February’s average of $105,000.

The absorption rate based on closed sales was right around 11.8 percent.  The absorption rate based on pended sales was a surprising 18-percent. This nearly matches a 12-month high that was set in August of 2009 absorption rate based on pended sales hit 18.8 percent.