It was no surprise that total Avon pending sales fell in November, 2011. What was surprising was how much they fell. Specifically, total pending sales fell by 59 percent, from 39 in October to just 16 in November. To put this in a more historical context, last November, pending sales fell just 16.2 percent over this same time period. Compared to last November’s total of 39 pending sales the most recent total of 16 represents a 48.4-percent decrease. Also, there were 10.8 percent fewer pending sales in the pipeline from September through November of this year compared to this same quarter last year.
The drop in total closings was also felt, albeit to a much lesser extent as there were just 31 closings in November compared to the previous month’s total of 35, making it an 11.4-percent decrease. Versus last November’s total of 33 this is a more attenuated drop of 6.1 percent. In yet another comparison there were 11.9 percent fewer homes sold on average from September through November of this year compared to this same period 1 year ago, when the per-month average was 42.
The Avon real estate market experienced a 6.1-percent drop in the total number of homes for sale, from 347 in October to 326 in November. By way of comparison, there were 4.1 percent fewer homes for sale in Indianapolis during this same period. Compared to last November’s total of 367 Avon listings this is an 11.2-percent decrease in total listings. Finally, there were, on average, 11.9-percent fewer homes on the market per month in Avon Indiana from September through November of this year compared to this same quarter in 2010.
Some other Avon real estate market statistics:
- One positive statistical development was the fact that homes in Avon Indiana spent nearly 18 percent less time on the market compared to the previous month, or 87 days versus 106 days respectively. The 12-month average time on market in Avon is 100 days.
- The absorption rate based on closed sales was 9.5 percent, while the absorption rate based on pending sales was 4.9 percent.
- There were 10.5 months of inventory based on closed sales and a whopping 20.4 months based on pending sales!
- The average active price was $205,000 while the average ‘sold’ price was $157,000.
- Homes in Avon sold for 87 percent of their original list price, and 96 percent of their final list price.
- The median price was $146,000.