There were few bright spots for the Westfield real estate market in September, 2011. Total sales fell 30.4 percent, from 46 in August to 32 in September. And those “bright spots”? September’s 32 sales, while down versus the previous month actually represents a 39.1-percent increase compared to where the Westfield market was this same time last year. Not only this, but the average number of homes sold per month from July through September of this year was also up significantly compared to this same quarter 1 year ago, or 38 versus 29 respectively.
There was a 52.3-percent drop-off in total pending sales, from 44 in August to just 21 in September. Even compared to last September’s total of 27 this is a 22.2-percent decrease. At least an upside could be found in our quarterly comparison, as there were, on average, 13.3 percent more pending sales in the pipeline from July through September of this year compared to this same quarter 1 year ago.
The Westfield market benefited, albeit ever-so-slightly, from a 1.6-percent decrease in total listings. While this is exactly ½ the drop in listings that the Indianapolis real estate market experienced any small improvement helps, especially considering there are already too many homes on the market. More importantly, September’s total of 251 Westfield listings represents a 20.8-percent drop in listings compared to where we were 1 year ago in September of 2010. Plus, from July through September of this year there were, on average, 256 homes on the Westfield real estate market per month, or 19.5 percent fewer, compared to this same 3-month interval last year.
Some other noteworthy Westfield real estate market stats:
- Sellers benefited by a drop in the average time on market as homes in Westfield spent an average of 75 days on the market in September versus the previous month’s average of 81 days. This is also a good improvement versus the 12-month average in Westfield Indiana, which is 94 days.
- The absorption rate based on closed sales was 12.7 percent, while the absorption rate based on pending sales was just 8.4 percent.
- There were 7.8 months of inventory based on closed sales and 12 months of inventory based on pending sales.
- The average price per square foot fell to $76, down slightly from the previous month’s average of $79.
- The median price was $193,000.