Fishers Real Estate Report – June, 2010

Whereas the number of pending sales dropped 52.3 percent in May, there was a less severe drop of just 17.2 percent in June. Extrapolating from the trajectory of our line graph it’s conceivable that all negative growth will cease in the coming weeks, and possibly turn positive thereafter.

Attention Fishers real estate agents: Get out there and sell! That’s because the total number of homes sold dropped 7.9 percent, from 151 in May to 139 June. When compared to Last June’s total of 157 sales this represents a drop of 11.5 percent. The Fishers sales pipeline is in need of some serious replenishing.

Meanwhile, the total number of Fishers homes for sale reached a 15-month high of 719 in June compared to 665 the previous month—an increase of 8.1 percent. In fact, since reaching a 15-month low of 550 in December, 2009 the total number of listings fell not even once in the ensuing months. Relative to last June’s total of 687 homes for sale this was an increase of 4.7 percent.

Some other pertinent info:

  • Since reaching a 12-month high of 85 days in February, 2010 the average time spent on market in Fishers has dropped each month. In June, homes spent an average of 56 days on market compared to 56 the previous month. The 12-month average time on market is 67 days.
  • Although the average sold-list differential in Fishers has averaged 96 percent over the past 12 months it finished at an average of 97 percent in June. In fact, this figure has averaged 97 percent in all but 2 of the past 9 months (February and March of 2010).
  • Over the past 15 months, the average price per square foot has never fallen below $73 (December, 2009) and never risen above $80 (November, 2009). At $74 per square foot in June it was down a bit from the previous month’s average of $77 as well as the 12-month average of $76.
  • The average ‘sold’ price rose 8 percent, from $199,000 in May to $215,000 in June. The 12-month average ‘sold’ price in Fishers is $209,000.
  • Decreases in total sales translated into larger inventories in June. There were 5.2 months of inventory based on closed sales and 9.3 months based on pending sales.
  • The absorption rate based on closed sales fell from 22.7 percent in May to 19.3 percent in June. Based on pending sales, the absorption rate fell from 14 percent to 10.7 percent.
  • The average active price of $283,000 was 2.7 percent below the 12-month average of $209,000.
  • The median price of home in Fishers, Indiana was $186,000.