The 2012 Westfield real estate market was among the most improved in all of Central Indiana, as evidenced by huge increases in several key stats. A total of 603 Westfield homes were sold in 2012, up 51.5 percent over the 2011 total of just 399. This translates to an average of 50 closings per month for all of 2012 compared to just 33 per month for all of 2011. Also, from October through December, 2012 there were on average 46 homes sold per month, or 64.3 percent more versus the final quarter of 2011. In all, there were 204 more homes sold for all of 2012 compared to all of 2011.
But not only were there more homes sold in 2012, there were more pending sales in the pipeline, 575 in all to be exact. Compared to the 2011 total of 411 this represents a hefty 41.2-percent increase. Expressed monthly, an average of 48 pending sales were reported for all of 2012, compared to an average of just 34 for all of 2011. And, looking at the final quarter of 2012, an average of 39 pending sales were reported each month, or 44.4-percent more, compared to this same 3-month period in 2011. In sum, there was a net difference of +164 pending sales in 2012 versus 2011.
Another very positive development concerned a reduction in available inventory. In 2012, a total of 2,485 homes were listed for sale, compared to 2,938 listings for all of 2011. This equates to 207 homes for sale each month, or 15.5 percent fewer, compared to 245 per month for all of 2011. And, from October through December, 2012 there were 167 homes listed for sale each month, or 26.1 percent fewer, compared to an average of 226 per month during this same quarter in 2011. The bottom line is that there were 453 fewer homes on the market for all of 2012 compared to all of 2011.
Some other Westfield real estate market stats worth noting:
- Westfield homes spent an average of 81 days on the market in 2012. This represents a significant, 21-percent improvement for anyone trying to sell a home in 2012 versus the 2011 average of 102 days.
- Another stat that showed improvement was the average sold-list difference based on original asking price. Versus the 2011 average of 90 percent, this stat was improved by an average of 1 percentage point in 2012. The average sold-list difference based on final asking price for all of 2012 was also improved by 1 percent, from 95 to 96 percent over this same 1-year period.
- The average price per square foot rose ever-so-slightly, from $76 in 2011 to $77 in 2012.
- The average ‘sold’ price fell 4.7 percent, from $215,000 in 2011 to $205,000 in 2012. Meanwhile, the average active price rose 11.1 percent over this same time frame, from $253,000 to $281,000.
- The absorption rate based on closed sales for all of 2012 averaged 24 percent, up 11 percentage points versus the 2011 average of 13 percent. The absorption rate based on pending sales averaged 23 percent over this same period, up 9 percentage points versus 2011.
- On average, there were 5 months of inventory based on closed sales in 2012, down 37.5 percent versus the 2011 average of 8 months. There were, on average, 5 months of inventory based on pending sales in 2012, down 28.6 percent versus the 2011 average of 7 months.
- Of the 2,485 homes listed for sale in 2012, 678 were new listings.