The Avon real estate market continued on a path that began in September towards fewer closed and pending sales. Total sales, for example, fell 22.7 percent as there were just 34 sales in October versus the previous month’s tally of 44. Compared to last October’s total of 41 this is a 17.1-percent decrease. In a quarterly view, however, there were on average 4.9 percent more closings taking place on a monthly basis from August through October of this year versus this same period 1 year ago.
The drop in total pending sales, while not as steep as that of total closings, was nevertheless felt as there were just 38 pending transactions in the October pipeline versus the previous month’s total of 43, making it an 11.6-percent drop on the month. Compared to October of 2010, however, this was a 2.7-percent increase. But, from August through October of this year there were on average 41 pending sales per month, or 2.4 percent fewer, compared to this same period last year.
One stat that was not on the decline was that of total listings. There were 347 Avon homes for sale in October, or 1.2 percent more, compared to the previous month’s total of 343. This was the exact opposite of Indianapolis, as there were 4.9 percent fewer Indianapolis homes for sale during this same period. Compared to the October of 2010, however, there were 10.6 percent fewer Avon homes on the market. Also, from August through October of this year there were on average 355 listings on the Avon market per month, or 12.6 percent fewer, versus this same period last year, when the per-month average was 406.
Other noteworthy Avon real estate market stats:
- Homes in Avon Indiana spent an average of 109 days on the market in October, up 21 percent versus the previous month’s average of 90 days. The 12-month average time on market in Avon is 101 days—ouch!
- There were 10.2 months of inventory on the market in October based on closed sales and 9.1 months based on pending sales.
- The absorption rate based on closed sales was 9.8 percent, while the absorption rate based on pending sales was 11 percent.
- The median price in Avon was $140,000.