Greenwood Pending Sales Drop by a Factor of 3 versus Closed Sales

The total number of Greenwood homes sold rose 21 percent, from 119 in April to 144 in May, 2010. Compared to 117 closed sales in May of 2009 this was a 23.1-percent increase. By extension, the total months of inventory based on closed sales dropped from 5.8 in April to 4.9 in May.

Each 1-percent increase in total sales was accompanied by a 3-percent decrease in the total number of pending sales. To be exact, the total number of pending sales dropped 63.7 percent, from 146 in April to a mere 53 in May. Of course, a good part of this has to do with the fact that all those pending sales in April were bound to become closed sales in May. As would be expected, the total months of inventory based on pending sales rose significantly, from 4.7 in April to 13.3 in May.

One thing is certain: Buyers will have a greater number of homes from which to choose In June. That’s because the total number of Greenwood homes for sale rose 1.9 percent, from 692 in April to 705 in May. Compared to a total of 739 listings in May of 2009, however, this is represents a 4.6-percent decrease.

The Greenwood real estate market has been quite consistent with respect to the sold-list differential over the past 15 months. Over this period, homes have sold for an average of 96 percent of list price. In May, this metric averaged exactly 96 percent.

Some other pertinent stats:

  • The average price per square foot rose just slightly in May to $70 from $69 the previous month. The 12-month average is $69.
  • The market absorption rate was 20.4 percent based on closed sales.
  • The absorption rate based on pending sales in May was roughly a third that of April, at just 7.5 percent.
  • The average ‘sold’ price rose 14.5 percent, from $144,000 in April to $165,000 in May. The 12-month average ‘sold’ price in Greenwood, Indiana is $154,000.
  • While the average active price of $212,000 remained unchanged from that of April it was down 5.7 percent from the 12-month average active price of $225,000.
  • The median price was $137,000.
  • The typical home spent 76 days on market. This was down just slightly from the 12-month average of 78 days.