While the Danville real estate market wasn’t perfect in May, 2012, there was a lot to like in terms of market performance. The average number of homes sold rose 25 percent, from 12 in April to 15 in May. What prevents this from being entirely good news is the fact that, compared to last May’s total of 16 closings, it represents a 6.2-percent decrease in total closings. That said, the average number of closings to take place each month, from March through May of this year, rose an astounding 41.7 percent in comparison to this same 3-month period 1 year ago.
In the area of pending sales there was a lot to like. May’s total of 19 pending sales represents an increase of 26.7 percent. What’s more, this is an increase of 18.8 percent compared to last May. As well, the average number of pending sales per month, from March through May of this year, was up 221.4 percent relative to this same quarter in 2011.
Meanwhile, the total number of Danville homes on the market grew by 10.4 percent in May versus the previous month’s total of 135. Obviously, nobody wants to see an increase in the number of homes on the market, but compared to last year (May, 2011) this represents a 5.7-percent decrease in total listings. There was no change in the average number of homes listed for sale from March through May of this year in comparison to this same period 1 year ago. In both cases, the average stands at 139.
Some other Danville real estate market stats:
- Of the 149 Danville homes on the market in May, 38 came in the form of new listings. While this figure represents an increase of nearly 19 percent versus the previous month’s total, it is down 15.6 percent versus May of 2011.
- Danville homes spent an average of just 67 days on the market in May. This is a huge, 36-percent improvement compared to the previous month’s average of 105 days. It is also light years from the 148-day average of February, 2012. The 12-month average time on market stands at 97 days.
- The average ‘sold’ price of $130,000 in Danville was down 10.3 percent versus the previous month, and down 1.5 percent versus last May. The 12-month average ‘sold’ price is $159,000.
- The average active price of $188,000 was up 4.4 percent versus the previous month, albeit down 3.1 percent compared to last May’s average of $194,000. The 12-month average active price in Danville is $195,000.
- The average sold-list differential based on original asking price was 93 percent in May. This is actually not bad in the context of the Central Indiana market as a whole. The average sold-list differential based on final asking price was 97 percent. The 12-month averages for these stats are 87 and 94 percent respectively.
- The absorption rate based on closed sales was 10.1 percent, while the absorption rate based on pending sales was 12.8 percent.
- There were 9.9 months of inventory based on closed sales, and 7.8 months of inventory based on pending sales.
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