The Brownsburg real estate market suffered a fairly large drop in pending sales in November, 2012. Considering the time of year, and the typical holiday distractions that accompany it, this hardly comes as shocking news. Still the 32 pending transactions reported in November represent a 43.9-percent drop versus the previous month’s total of 57. Compared to last November’s total of 37 this is off by just 13.5 percent. The lone, statistical bright spot came in the form of a 16.7-percent increase in the average number of pending sales reported each month, from September through November of this year, relative to this same quarter last year.
While total pending sales is a key predictor of the near-term market performance, it is not the only measure of market health. Take the 49 closings that took place in November: Versus the previous month’s total of 50 this is a decrease of just 2 percent. But the good news is that this is actually a 36.1-percent increase versus last November’s total of 36 closings. And, from September through November of this year, 46 closings were recorded each month on average, or 21.1 percent more versus this same quarter 1 year ago.
Another positive development concerned the total number of homes on the market. November’s total of 240 listings represents a 3.6-perent decrease versus the previous month’s total of 249, and a 7-percent decrease versus last November’s total of 258 listings. What’s more, November’s total marks a new 6-month low in listings. Finally, from September through November of this year there were on average 259 homes on the market, or 5.1 percent fewer, compared to this same 3-month period 1 year ago.
Some other pertinent Brownsburg real estate market stats to consider:
- Brownsburg were averaging 79 days on the market in November, which represents a 23.3-percent improvement in time on market versus the previous month’s average of 103 days. Compared to last November’s average of 114 days this is also a significant decrease of nearly 31 percent. Brownsburg real estate has averaged as few as 64, and as many 114, days on the market over the most recent 12 months, with the 12-month average coming in at 88 days.
- The average price per square foot was $72. While this is unchanged versus the previous month’s average, it is up nearly 6 percent versus last November’s average of $68, and up 4.3 percent the 12-month average of $69.
- There were 4.9 months of inventory based on closed sales in November, while based on pending sales there were 7.5 months of inventory.
- The sold-list differential based on original asking price was a very respectable 95 percent. This fares much better than other nearby Central Indiana towns and cities. The sold-list difference based on final asking price was 97 percent—also very good versus other nearby areas.
- The absorption rate was 20.4 percent based on closed sales and 13.3 percent based on pending sales. The 12-month averages for these stats are 92 and 96 percent respectively.
- Of the 240 homes on the market in November 53 were new listings. This is down 14.5 percent versus the previous month’s total of 62, and down just 3.6 percent versus last November’s total of 55. On average, a total of 67 homes have been placed on the Brownsburg market each month over the past year.
- The median home price in Brownsburg was $130,000.