The Danville real estate market, while improved in some key areas, was a victim of seasonal changes that typically affect the entire Central Indiana area around this time of year. For example, a total of 7 more closings took place in October, 2012 compared to the previous month’s total of 20. This translates into a marked, 35-percent improvement overall. More importantly, this same time 1 year ago, there were 17.4 percent fewer closings. Clearly, things have improved in this regard. What’s more, from September through October of this year, there were an average of 21 closings each month, or 16.7 percent more versus this same 3-month period 1 year ago.
On the down side, there were just 20 pending sales in the sales pipeline, 4.8-percent fewer, versus the previous month’s total of 21. Versus October of 2011’s total of 22 this is a decrease of 9.1 percent. However, from September through October of this year, there were 22 pending sales in the pipeline each month, or 10 percent more, compared to this same period 1 year ago.
While the 124 homes listed for sale in October represent an 8.1-percent drop in total listings versus the previous month’s total of 135, compared to October of 2011 it is a 3.3-percent increase overall. And from September through October of this year there were, on average, 5.5 percent more homes on the market relative to this same quarter last year. Of the 124 homes listed for sale in October, 20 were new listings altogether. This is down by just 1 listing versus the previous month, and down an even greater 28.6 percent versus October of 2011. The 12-month average number of new listings placed on the market each month is 28.
Some other pertinent Danville real estate market statistics:
- Danville homes were averaging 85 days on the market as of October. This is an improvement of 12.4 percent versus the previous month’s average of 97 days. Further still, it is a 28-percent improvement versus the 118-day average of last October. The 12-month average time on market in Danville, including the most recent month, is 95 days.
- Sellers realized an average of 88 percent of original asking price. This is nearly 9 percent improved versus October of 2011. The 12-month average sold-list difference based on original asking price in Danville is 87 percent.
- The sold-list difference based on final asking price was a very respectable 99 percent. This beats both, the previous month’s average, as well as that of last October.
- There were 4.6 months of inventory based on closed sales and 6.2 months of inventory based on pending sales.
- The average price per square foot was $61. This is 5.2 percent above the previous month’s average of $58, although it is 9 percent below last October’s average of $67. The 12-month average price per square foot in Danville is $64.
- The absorption rate was 21.8 percent based on closed sales and 16.1 percent based on pending sales.
- The average active price was $178,000. This is up barely versus the previous month’s average of $177,000, but down 17.2 percent versus 1 year ago. The 12-month average active price is $186,000.
- The average ‘sold’ price of $139,000 was up significantly versus the previous month’s average of $113,000, but down 22.28 percent versus last year. The 12-month ‘sold’ price is $151,000.