There was an unmistakable overall improvement in the Plainfield real estate market in 2012 compared to 2011. This took the form of improvements in several key stats, including total closed sales, pending sales and listings. Naturally, total sales is always a good indicator of market performance. At year’s end, 2012, a total of 392 sales had been finalized, or 10 percent more, compared to a total of just 258 for all of 2011. This translates to an average of 33 closings per month for all of 2012 compared to 30 per month for all of 2011. And from October through December of 2012 there were, on average , 34 closings each month, or nearly 26 percent more, compared to this same quarter during 2011. In all, a total of 34 more closings were finalized for all of 2012 versus 2011.
Total pending sales was also an area of improvement, albeit not to the same degree as sales. At year’s end, a total of 385 pending sales had been reported for all of 2012 compared to 364 for 2011. An average of 32 pending sales were reported each month, or 6.7 percent more, compared to 30 per month for 2011. Looking at the last quarter of 2012, from October through December, there were on average 27 pending sales reported each month, or 12.5 percent more, compared to an average of 24 per month during this same quarter in 2011. In all, there were 21 more pending sales reported for all of 2012 compared to 2011.
In the current housing market, fewer listings is a good thing since it helps stabilize prices. Such was the case in Plainfield as there were 100 fewer homes for sale in 2012 compared to 2011. At year’s end, a total of 2,264 homes had been placed on the market in 2012 compared to a total of 2,364 homes in 2011. On average, there were 189 homes on the market each month, or 4.1 percent fewer, compared to an average of 197 per month for all of 2011. And, from October through December of 2012, there were on average 162 homes for sale each month, or 8 percent fewer, compared to an average of 176 per month during this same quarter in 2011. And of the 2,264 homes on the market in 2011, 524 came in the form of new listings, or 23 percent.
Some other Plainfield real estate market stats:
- Plainfield homes spent an average of 91 days on the market for all of 2012. This represents a 4.2-percent improvement versus the 2011 average of 95 days on market.
- The average sold-list price as a percentage of original asking price came in at 91 percent, up 1 percent versus the 2011 average of 92 percent.
- At 96 percent, the average sold-list difference based on final asking price was unchanged in 2012 versus 2011.
- The average price per square foot rose 4.4 percent, from $68 in 2011 to $71 for all of 2012.
- The average ‘sold’ price rose 2.7 percent, from $150,000 in 2011 to $154,000 in 2012. Meanwhile, the average active price fell 2.8 percent, from $175,000 in 2011 to $170,000 in 2012.
- The absorption rate based on closed sales in 2012 averaged 17 percent, up by 2 percent versus the. The absorption rate based on pending sales also averaged17 percent.
- On average, there were 6 months of inventory based on closed sales for All of 2012, and an average of 6 months based on pending sales. These figures averaged 7 percent for both closed and pending sales in 2011.
- The median price fell from $95,000 in 2011 to $91,000 in 2012.