Real Estate Report: Zionsville the Statistical Victor in May, 2010

The town of Zionsville, Indiana was indeed in the minority in the category of total sales. The total number of homes sold rose 27.3 percent, from 33 in April to 42 in May, 2010. Compared to a total of 49 sales in May of 2009, however, this was a 14.3 percent decrease. Still, this is not bad performance considering the recent expiration of the federal tax credit for new home purchases. But while closed sales were on the rise the total number of pending sales suffered a 21.4-percent decrease, dropping from 42 in April to 33 in May. Of the 15 central Indiana towns and cities we regularly analyze, Zionsville is the only one whose percentage increase in total sales rose was greater than that of its percentage decrease in total pending sales. Zionsville, you are the statistical victor!

One common theme around central Indiana is that of rising listings and falling sales. Apparently, the city of Zionsville never got than memo because the total number of listings fell 0.6 percent, from 344 in April to 342 in May. This matches exactly last May’s total of 344 Zionsville homes for sale.

Residential Zionsville real estate sold for an average of 94 percent of list price in May compared to 97 percent the previous month. This is one metric that has varied a bit more compared to other nearby cities and towns, having fallen as low as 91 percent (December, 2009) and risen as high as 97 percent (October, 2009 and April, 2010) within the past 15 months. The 12-month average sold-list differential is 95 percent.

Some other statistical tidbits:

  • The average ‘sold’ price of $337,000 was 61 percent that of the average active price of $552,000, suggesting that lower-priced homes are selling better than higher priced ones. The median price was $250,000.
  • The average time on market dropped 11 percent, from 100 days in April to 89 days in May. The 12-month average time on market for Zionsville is 95.
  • The average price per square foot rose 19.5 percent, from $82 in April to $98 in May. The 12-month average price per square foot in Zionsville is $90.
  • There were 8.1 months of inventory based on closed sales and 10.4 months of inventory based on pending sales.
  • The absorption rate was 12.3 percent based on closed sales and 9.6 percent based on pending sales.