After hitting a 6-month high of 820 in May, 2011 the total number of Warren Township homes for sale has fallen in each of the ensuing months, August being no exception. Most recently, total listings fell 3 percent, from 787 in July to 763 in August. But compared to 1 year ago this stat becomes an impressive 18.6-percent decrease in total listings. Also, the Warren Township real estate market saw a 16.3-percent drop in the average number of homes listed for sale on a per-month basis from June through August of this year relative to this same quarter 1 year ago, when there were on average 936 homes for sale per month.
In other positive developments, both closed and pending sales underwent positive growth in August. Starting with total sales, there was a 2.7-percent increase in the number of closings that took place in August (113) versus the previous month (110). But compared to last August’s total of 78 this represents a huge 44.9-percent increase in total sales volume. Even in a quarterly analysis the average monthly total of closings that took place from June through August of 2011 was up 22.3-percent compared to this same quarter last year, when the per-month average was just 94.
Even in the category of pending sales things looked good, as there was a 10.9-percent increase in total pending sales versus the previous month, or 112 versus 101 respectively. Compared to last August’s total of 100 this is a 12-percent increase. And from June through August of this year there were 17.2 percent more pending sales per month compared to this same quarter last year.
Some other Warren Township market stats:
- Of the 763 Warren Township homes for sale in August 160 were new listings altogether. This is down slightly from the previous month, and down 21.6 percent versus last August’s total of 204. The 12-month average number of new listings in this area of Indianapolis Indiana is 169.
- The absorption rate based on closed sales was 14.8 percent while the absorption rate based on pending sales was 14.7 percent.
- There were 6.8 months of inventory on the market based on both closed and pending sales.
- The average price per square foot fell slightly, from $39 to $38.
- The average active price was $96,000, while the average ‘sold’ price was just $68,000.
- The median price was $63,000.