Pike Township Real Estate Market Gains Ground in June, 2010

While real estate professionals would have obviously preferred to see sales move in a positive direction in June, it’s probably too much to expect in the aftermath of a 63-percent drop in pending sales that occurred just one month prior. Indeed, it seems clear that the Pike Township real estate market was still in the process of recovering as there was a 6.1 percent decrease in the total number of homes sold, from 115 May to 98 in June, 2010. Relative to June of 2009, however, this was a more modest decrease of just 4.4 percent–it would appear the pipeline can only replenish itself so fast. Aiding to this recovery however, was a 2.3-percent drop in total listings as there were just 628 Pike Township homes for sale in June compared to 643 in May. Compared to last June’s total of 692 listings this was an even bigger decrease of 9.2 percent. While June, 2010 marked the second month in a row that total listings dropped it would be premature to call it a trend. For that, we’ll have to wait a few months.

Since reaching a 12-month high of 112 days in January of 2010 the average time spent on market has gradually drifted lower. In June, homes spent an average of 75 days on market, tying a 12-month low that was set in October, 2009. The 12-month average time on market is 86 days.

One Pike Township real estate statistic that favored sellers in June was a respectable sold-list differential of 96 percent. Over the past 15 months this figure has been as low as 93 percent (January, 2010) and as high as 97 percent (October, 2009). The 12-month average is 95 percent.

Some other stats:

  • The average price per square foot rose just 3 percent, from $63 in May to $65 in June. The 12-month average is $61.
  • The average ‘sold’ price rose 5.4 percent, from $129,000 in May to $136,000. The was 5.6 percent above the 12-month average of $123,000.
  • The average active price was $164,000.
  • There were 5.8 months of inventory based on closed sales while there were 8.7 months based on pending sales.
  • The absorption rate based on closed sales dropped a bit, from 17.9 percent in May to 17.2 percent in June.
  • The absorption rate based on pending sales rose nearly 2 percent from the previous month, finishing at 8.7 percent.