The Zionsville real estate market didn’t fair was well as other nearby Central Indiana markets, at least insofar as total closed and pending sales were concerned. Take pending sales as an example: May’s total of 46 represents not only a decrease of 13.2 percent versus the previous month’s total of 53, but a decrease of 11.5 percent versus last May’s total of 52. But these numbers are only considered losses in virtue of an uncharacteristic March surge in pending sales. On a more positive note, the average of 54 pending sales per month that held from March through May of this year represents a 28.6-percent increase over this same quarter 1 year ago. So in this latter sense, there was a modicum of improvement. The 12-month average number of pending sales per month is 39.
The latest figures for total sales were a double-edged sword. For while May’s total of just 42 closings was down a hefty 26.3-percent compared to the previous month’s figure of 57, compared to 1 year ago total sales were still up by 7.7 percent. In the end, it is the latter comparison that matters most. Another positive development with respect to sales came in the form of a 38.9-percent increase in the average number of closings that took place each month during the months of March, April and May compared to this same 3-month period 1 year ago. Over the past 12 months, it has been an average of 39 closings per month in Zionsville.
Another very positive development concerned total listings: In May, there were nearly 1 percent fewer homes on the market compared to the previous month. This is also a 15-percent drop in total listings compared to May of 2011. Of the 260 homes for sale in May, 79 were new listings. This is down nearly 16 percent from last May’s total of 94 new listings. The 12-month average number of new listings in Zionsville is 60.
Some other noteworthy Zionsville real estate market stats:
- Homes spent an average of 101 days on the market in May. While this is up significantly versus last May’s average of just 59 days, it is barely above the 12-month average of 99 days. It should also be noted that Zionsville homes, in virtue of their higher-than-average prices, tend to stay on the market longer than homes in other nearby, less-expensive markets.
- Sellers realized an average of 85 percent of their original asking price, which is fairly significant. Whereas, the sold-list differential based on final asking price was 95 percent.
- The absorption rate based on closed sales was 16.2 percent, while the absorption rate based on pending sales was 17.7 percent.
- There were 6.2 months of inventory based on closed sales and 5.7 months of inventory based on pending sales.
- The average price per square foot was $98. This is only 6.5 percent over the 12-month average of $92.
- May’s average ‘sold’ price of $363,000 was up 16.3 percent versus last May’s average of $312,000. The 12-month average ‘sold’ price in Zionsville is $350,000.
- The average active price of $561,000 was up only slightly versus last May’s average of $559,000. The 1-year average active price is $544,000.
Other Zionsville Real Estate Resources Online: