Noblesville Real Estate Market Strikes Out in June, 2010

If you were a seller or listing agent in Noblesville, Indiana then chances are you weren’t particularly happy with the way things unfolded in June, 2010. Starting with sales, there were 22.1 fewer homes sold (95) compared to the previous month (122). Relative to June of 2009, when there were a total of 110 sales, this represents a less significant 15.9-percent drop. Apparently, the Noblesville real estate market hasn’t recovered from the previous month’s loss in pending sales. Strike one.

Also on the decline, albeit to a lesser extent than the previous month, was the total number of pending sales. June’s 9-percent drop in total pending sales was nowhere near the 57.3-percent drop in pending sales that occurred in May. In fact the rate of decrease slowed to such an extent that is quite conceivable, maybe even likely, that this statistic will move into the positive in the coming weeks. Relative to June of 2009 this was 29.9-percent drop in pending sales. Strike two.

Talk about bad timing: There was a 9.3-percent rise in total listings, from 722 in May to 789 in June. Of course, this is really just a logical outcome of the previous month’s dramatic drop in total pending sales. Not only is June’s total of 789 listings represents a new 15-month high in total listings it is nearly 7 percent above the previous 15-month high of 739 total listings that occurred in September of 2009. Relative to June of 2009, where there were 728 Noblesville homes for sale this is a 9.1-percent increase. Strike three.

Some other pertinent stats:

  • Over the past 12 months Noblesville homes have never spent fewer than 69 days on market on average. Although June’s average of just 70 days on market is the least amount of time that homes have spent on market since reaching a 15-month high of 109 days in March of 2010. The 12-month average time on market is 78 days.
  • Not once in the past 15 months have sellers realized less than 94 percent of list price. In June, the sold-list differential was right at the 12-month average of 96 percent.
  • The average price per square foot in Noblesville has not varied by more than $12 over the past 15 months. In June, it climbed a bit from the previous month’s average of $68 to exactly match the 12-month average of $71 per square foot.
  • The average ‘sold’ price of $195,000 was 12 percent above the previous month’s average of $174,000 and 11.5 percent above the 12-month average of $173,000.
  • There were 8.3 months of inventory based on closed sales and 12.9 months based on pending sales.
  • The absorption rate was 12 percent based on closed sales and 7.7 percent based on pending sales.
  • The average active price was $274,000.
  • The median price was $168,000.