The Fishers real estate market in October continued on a predictable path toward fewer and fewer sales. That total closings and pending sales are down this time of year is no surprise to anyone in the business. Starting with total sales, there were just 87 closings in October, or 28.7 percent fewer, compared to the previous month’s total of 122. Even compared to last October’s total of 103 this is a 15.5-percent decrease. However, from August through October of this year there were on average 115 closings per month, or 10.6 percent more, versus this same quarter 1 year ago, when the average was 104 closings per month.
Things weren’t but better in the pending sales department either. There were 12 percent fewer pending sales on the market in October versus the previous month. October’s total of 73 pending sales was also 14.1 percent below where the market was exactly 1 year ago. Plus, there were 1.1 percent fewer pending sales on a per-month basis from August through October of this year compared to this same quarter last year.
Compared to the 4.9-percent drop in the number of Indianapolis homes for sale in October versus the previous month there was a less pronounced 1.5-percent drop in total Fishers listings over this same period. The 641 Fishers homes for sale in October represents an even greater 5.7-percent decrease compared to this same time 1 year ago. Also, from August through October of this year there were on average 657 Fishers homes on the market per month, or 7.2 percent more, compared to this same 3-month interval in 2010.
Some other Fishers real estate market facts:
- Fishers Indiana homes spent an average of 90 days on the market in October compared to the previous month’s average of 75 days, making for a 20-percent worsening overall, at least if you’re a seller. The 12-month average is 86 days.
- The absorption rate based on closed sales was 13.6 percent, while the absorption rate based on pending sales was 11.4 percent.
- There were 7.4 months of inventory based on closed sales, while there were 11.4 months of inventory based on pending sales.
- The average sold-list differential was 96 percent. This, by the way, exactly matches the 12-month average in Fishers.
- The median price was $175,000.