There were at least a few positive developments in the Center Township real estate market in October, 2011. Total sales rose 12.6 percent, from 87 in September to 98 in October. This is a 7.7-percent improvement versus last October’s total of 91. Also, the average total of 101 closings per month from August through October of this year represents a 6.3-percent improvement versus this same quarter 1 year ago.
While total pending sales fell 7.5 percent versus the previous month’s total of 93 there were nevertheless 4.9 percent more pending sales this October compared to last October. However, from August through October of this year there were on average just 90 pending sales per month compared to an average of 96 pending sales per month during this same3-month period 1 year ago.
In the Center Township area of Indianapolis Indiana there the total number of Center Township homes for sale fell 2.4 percent, from 1,145 in September to 1,118 in October. Compared to last October’s total of 1,307 this represents a 14.5-percent improvement in a market that most experts consider to be burdened with too much inventory. From August through October of this year there were on average 1,140 homes listed in this area of the Indianapolis real estate market, or 17.6 percent fewer, compared to this same quarter in 2010, when the per-month average was 1,383.
Some other Center Township real estate market stats:
- Homes in Center Township spent an average of 98 days on the market in October, down 8.4 percent versus the previous month’s average of 107 days. While this may not seem like much of an improvement, consider that it is 27.4-percent better than the 135-day average that occurred in June this year, which, by the way, also represents a 15-month high in this statistical category. The 12-month average time on market in this area is 101 days.
- The absorption rate based on closed sales was 8.8 percent, while the absorption rate based on pending sales was 7.7 percent.
- There were 11.4 months of inventory based on closed sales and 13 months of inventory based on pending sales.
- The average sold-list differential was 90 percent. But most astoundingly was the fact that homes in Center Township sold for an average of 69 percent of their original list price—ouch!
- The median price was $23,000.