While there was a marked, 26.4-percent decrease in the number of closings that took place versus the previous month, the Greenwood real estate market showed some surprising improvements in a number of key areas in October, 2012. But while the most recent total of just 81 closings was off versus the previous month, compared to October of 2011, sales were actually up 8 percent. This is not a huge improvement but nor is it trivial. In fact, statistical improvements in 2012 versus 2011, far from being the exception, have been the norm for many Central Indiana towns and cities. One final note on Greenwood sales: From September through October of this year there were, on average, 114 closings each month, or 16.3 percent more, compared to this same month last year.
Another area of real improvement came in the form of an 8.4-percent increase in total pending sales versus the previous month. But most impressively, October’s total of 90 represents a 63.6-percent increase versus this same month last year. And, from September through October of this year, there were 93 pending sales in the sales pipeline, or 17.7 percent more, versus this same quarter last year.
For anyone trying to sell a home, the most recent 6.6-percent reduction in the total number of homes on the Greenwood market had to be a welcomed surprise. But not only was October’s total of 494 listings down versus the previous month, compared to 1 year ago, it represents a significant 20.0-percent decrease in available inventory. In fact, after plateauing in May, 2012, the number of Greenwood homes listed for sale has fallen each in of the ensuing months. In yet another comparison, the average number of homes listed for sale each month, from September through October of this year, was down 19.4 percent relative to this same quarter in 2011.
Some other Greenwood real estate market stats worth considering:
- Of the 494 homes listed for sale in October, 121 were new listings. This is up 16.3 percent versus the previous month’s total of 104, but down by 11 percent versus last October’s total of 109. The 12-month average is 133 new listings each month.
- Greenwood homes were averaging 77 days on the market in October. This represents an improvement of nearly 5 percent versus the previous month’s average of 81 days, and a much greater 29.4-percent improvement versus last October’s average of 109 days. It is also 17.2 percent below the 12-month average time on market in Greenwood of 93 days.
- There were 6.1 months of inventory based on closed sales and 5.5 months of inventory based on pending sales.
- The absorption rate based on closed sales was 16.4 percent, while it was 18.2 percent based on pending sales.
- The average active price in Greenwood was $206,000. This is unchanged versus the previous month, and just 1 percent above last October’s average of $204,000. The 12-month average active price is also $206,000.
- The average ‘sold’ price was $163,000. This is 5.2 percent above the previous month’s average of $155,000, although it is 4.1 percent below where it was 12 months ago. The 12-month average ‘sold’ price is $158,000.
- The average sold-list differential based on original asking price was a respectable 91 percent. This is significantly above last October’s average of just 84 percent.
- The average sold-list difference based on final asking price was 96 percent. This too, is up versus 12 months ago, albeit by just 1 percent.
- The average price per square foot was $72. This is up 4.3 percent versus the previous month’s average of $69, and up 2.9 percent versus last October. The 12-month average price per square foot in Greenwood is $68.
- The median price was $135,000.