From the looks of the latest figures, you’d have never known the Brownsburg real estate market was well into what is typically a fall slump in sales. October’s total of 47 closings, for example, was up nearly 24 percent over the previous month’s total of 38. Coincidentally, a total of 38 closings also took place 1 year ago, in October, 2011. And from September through October of this year there were, on average, a total of 48 closings per month, or 17.1 percent more, compared to this same period 12 months ago.
Even more impressive was the fact that October’s total of 50 pending sales was up 35.1 percent over the previous month’s total of 37. But that’s not all: Compared to October of 2011, this is an increase of 56.3 percent. This bodes well since pending sales are nearly always a good indicator of things to come in the near future. In yet another comparison, from September through October of this year, an average of 45 pending sales were progressing toward a future closing date, 25 percent more, compared to this same quarter in 2011.
What was particular striking was the sharp decrease in the number of homes listed for sale. October’s total of 13.2 represents a 13.2-percent decrease versus the previous month’s total of 287. And versus October of 2011’s total of 272 it is a decrease of 8.5 percent. The average number of homes listed for sale per month, from September through October of this year, was down 4.2 percent relative to this same 3-month period last year.
Some other pertinent Brownsburg real estate market stats:
- Sellers in Brownsburg realized an average of 86 percent of original asking price in October, and an average of 93 percent of final asking price. These latest figures represent decreases of 5 and 4 percent respectively versus 1 year ago.
- The absorption rate was 18.9 percent based on closed sales and 20.1 percent based on pending sales.
- Buyers paid an average of $73 per square foot. This is up 4.3 percent versus the previous month’s average of $70, and up 9 percent versus last October’s average of $67. The 12-month average price per square foot in Brownsburg is $69.
- There were 5.3 months of inventory based on closed sales and 5 months of inventory based on pending sales.
- Homes spent an average of 104 days on the market as of October. This nearly matches a 12-month high of 114 days that was set in November of 2011. Over the past 12-months homes in Brownsburg have averaged no fewer than 64 days on the market, and no greater than 114 days. The 12-month average time on market in this Central Indiana area is 91 days.
- The average active price was $209,000. This is up barely versus the previous month’s average of $208,000, but down 2.8 percent versus last October’s average of $215,000. The 12-month average active price in Brownsburg is $203,000.
- The average ‘sold’ price was $171,000. This is up nearly 5 percent versus the previous month’s average of $163,000, but down 2.8 percent compared to last October’s average of $215,000. The 12-month average ‘sold’ price is $162,000.
- Of the 299 Brownsburg homes listed for sale in October, 63 were new listings. This is up 26 percent versus last October’s average of 50 new listings. On average, over the past 12 months, 67 new listings have been added to the inventory each month.
- The median price in Brownsburg was $132,000.