November is the time of year in Central Indiana where holiday distractions combined with cooler, fall temperatures begin to exert a noticeable effect on the real estate market, and this year it was no different. A total of 104 closings took place in November, or 25.7 percent fewer than the previous month’s total of 140. But what is most remarkable about the latest figure is the fact that compared to the 64 closings that took place in November of 2011 this represents a significant increase of 62.5 percent in total home sales. What’s more, an average of 123 closings took place each month during the months of September, October and November of this year, or 33.7 percent more, relative to this same 3-month period 1 year ago.
The Fishers real estate market saw an 18.2-percent decrease in the number of reported pending sales, from 110 in October to 90 in November. But while this marks the 7th straight month that pending sales have fallen, like our previous stat, it represents an increase versus November of 2011, of 5.9-percent to be exact. Also up was the average number of pending sales reported each month, from September through November of this year, relative to this same quarter last year, or 110 versus 86 respectively.
Since hitting a record 12-month high of 690 in May, 2012, the total number of homes listed on the Fishers real estate market have fallen, most recently hitting a new, 15-month low of just 501 in November. Versus October of this year, this translates to a 6.9-percent decrease. And versus last November’s total of 576 this is an even greater 13-percent decrease in total listings, which is a positive development for the Fishers market in general. An average of 540 homes were on the market from September through November of this year, or 13.3 percent more, relative to the monthly average for this same quarter 1 year ago of 623 listings. Finally, of the 501 homes on the Fishers market in November, 109 were new listings, which represents a 22.7-percent decrease versus the previous month’s total of 141. It is also down 33.1 percent versus the 12-month average of 163.
Some other noteworthy Fishers real estate market:
- Fishers homes were averaging 81 days on the market in November. This is down 4.7 percent versus the previous month’s average of 85 days. Compared to last November’s 104-day average this represents a significant improvement of 22.1 percent. It is also an improvement versus the 12-month average for this stat of 83 days. Over the past 12 months homes in Fishers have averaged as few as 65, and as many as 132, days on the market.
- Buyers paid an average of 78 per square foot in November, down by an average of just $1 versus the previous month’s average of $79. Compared to last November’s average of $76 the most recent figure represents a 2.6-percent increase. The 12-month average is also $76.
- There were 4.8 months of inventory based on closed sales while based on pending sales there were 5.6 months of inventory.
- The sold-list differential based on original asking price was a solid 91 percent. This is an improvement of 3 percent versus last November’s average of 88 percent. It is just 1 percent below the 12-month average of 92 percent.
- Based on original asking price sold-list difference was a very respectable 97 percent. This is up by an average of 1 percent versus November of 2011, and unchanged versus the 12-month average of 97 percent.
- The absorption rate was 20.8 percent based on closed sales and 18 percent based on pending sales.
- The average active price was $312,000. This is up 4.7 percent versus the previous month’s average of $298,000, and up 15.6 percent versus last November’s average of $270,000.
- Meanwhile, the average ‘sold’ price of $222,000 was down just 1.3 percent versus the previous month’s average of $225,000.