Total Perry Township Listings Drop 2.9 Percent in May, 2010

As we have reported, ad nauseum, the total number of pending sales dropped in all townships across Indianapolis, Indiana in May, 2010. In Perry Township, this figure was down 52.8 percent as total pending sales dropped from 142 in April to just 67 in May. Even compared to a year ago (May, 2009) it was down 35 percent. Meanwhile, the total number of closed sales (113) remained unchanged from April. Relative to last May’s total of 101 sales this was a 11.9-percent increase. Another good development, at least from a supply-and-demand stand point, was the fact that the total number of Perry Township homes for sale dropped 2.3-percent, from 635 in April to 650 in May.

In other Perry Township real estate news, the average time spent on market dropped roughly 13 percent, from 65 days in April to a 6-month low of just 55 days in May. This statistic has varied significantly over the past 12 months, from as many as 101 days (May, 2009) to as few as 52 days (Sep., 2009). The 12-month average time on market in Perry Township is 70 days.

One statistical category in which Perry Township has fared decently over the past 12 months is that of the sold-list differential, with homes selling for an average of 96 percent of list price. In fact, this metric has not fallen below 94 percent over the past 15 months. The month of May closed out slightly above the 12-month average, with a sold-list differential of 97 percent.

Some other statistical tidbits:

  • The average cost per square foot rose 12.5 percent, from $56 in April to $63 in May. This is 8.6 percent above the 12-month average of $58 per square foot.
  • The average ‘sold’ price rose 7.5 percent, from $102,000 in April to $110,000 in May. This is a 6.7-percent increase versus the 12-month average of $103,000.
  • There were 5.6 months of inventory based on closed sales and 9.5 months of inventory based on pending sales.
  • The absorption rate based on closed sales was 17.8 percent while the absorption rate based on pending sales was 10.6 percent.