Noblesville Suffers 58-Percent Drop in Pending Sales

If you were a real estate professional working in Noblesville in May, 2010 chances are you weren’t entirely thrilled with what happened to your pipeline. That’s because the total number of pending sales—i.e., those things that eventually turn into commission checks, thereby enabling you to survive and feed your family—dropped an inconvenient 58 percent, from 143 in April to just 60 in May. This may very well have a lot to do with the expiration of the federal tax credit for home purchases. Compared to a total of 107 pending sales in May of 2009 this was a 43.9 percent drop. Usually, a significant drop in pending sales is accompanied by a corresponding rise in closed sales. This was not the case in Noblesville—or anywhere else in the central Indiana cities we’ve covered—as there was a 9-percent drop, from 122 sales in April to 111 in May. Versus a total of just 91 sales in May of 2009, however, this represents a postive22-percent increase.

If you were a buyer—and there were fewer of you in May—then you were probably pleased with the wealth of choices that were available in May. That’s because the total number of Noblesville homes for sale rose 2.8 percent, from 702 to 722 over this same period.  Compared to a total of 696 listings in May of 2009 this was a 3.7-percent increase.

One statistical category in which the residential Noblesville real estate market has been especially consistent over the past year is that of the sold-list differential, having dropped to 94 percent just once (may, 2009). Indeed, homes have sold for 96 percent of list price on average over this period. The sold-list differential in May was exactly 96 percent.

Some other pertinent stats:

  • Homes in Noblesville, Indiana spent an average of 77 days on market in May. This was down just slightly from the 12-month average of 79 days.
  • The average ‘sold’ price of $172,000 matched exactly the 12-month average.
  • The average active price of $293,000 was just a shade below the 12-month average of $293,000.
  • The absorption rate was 15.4 percent based on closed sales and 8.3 percent based on pending sales.
  • Months of inventory rose 12 percent, from 5.8 to 6.5.
  • Not surprisingly, the total months of inventory based on pending sales rose substantially, from 4.9 to 12.