The Noblesville real estate market made significant progress in October, 2012, despite the fact that sales fell 13 percent versus the previous month. That’s because the 87 closings that took place, compared to where the market was during October of 2011, represent a sizable increase of nearly 32 percent. What’s more, an average 103 closings took place each month, or 21.2 percent more, from August through October of this year, compared to this same quarter last year.
The latest figures for pending sales bode well for the near-term future of the Noblesville market. October’s total of 90 represents a 7.1-percent gain over the previous month’s total of 84. But most impressive is the fact that this is a 36.4-percent increase versus last October’s total of just 66. Also, from August through October of this year there were, on average, 90 pending sales per month, or 25 percent more, compared to this same 3-month period last year.
Less competition in a buyer’s market is a good thing for anyone trying to sell a home. It wasn’t huge, but the 539 homes that were listed in October represent a 3.6-percent decrease in total inventory. Compared last October’s total of 665 homes for sale, however, it is an 18.9-percent decrease in total listings. In fact, October of 2012 marked the fourth consecutive month that the number of homes on the market shrank relative to the previous month. From August through October of this year there were, on average, 553 homes on the market each month, or 18.8 percent fewer, compared to this same quarter last year.
Some other pertinent Noblesville real estate market stats worth noting:
- Of the 539 homes listed for sale in October, 132 were new listings. This is up nearly 12 percent versus both the previous month and October of 2011, both of which totaled 118. The 12-month average number of new listings per month is 133.
- The absorption rate was 16.1 percent based on closed sales and 16.7 percent based on pending sales.
- The average price per square foot of $76 was up 5.6 percent versus the previous month’s average of $72. Versus October of 2011 it was unchanged. The 12-month average price per square foot in Noblesville is $72.
- The average time on market as of October was 104 days. This is up 33.3 percent versus the previous month’s average of 78 days, and up 3 percent versus last October’s average of 101 days. The 12-month average time on market is 93 days. Over the past 12-months homes in Noblesville have averaged no fewer than 73 and no more than 125 days on the market.
- The average sold-list differential based on original asking price was a very solid 92 percent. This is markedly improved versus last October’s average of 88 percent. The 12-month average is 89 percent.
- Based on final asking price the average sold-list difference was 97 percent. This is unchanged versus the previous month, and up just 1 percent versus last October. It is also up by 1 percent versus the 12-month average of 96 percent.
- There were 6.2 months of inventory based on closed sales and 6 months of inventory based on pending sales.
- The average active price of $264,000 was up 3.9 percent versus the previous month’s average of $254,000, and up 6 percent versus last October’s average of $249,000. The 12-month average active price in Noblesville is $248,000.
- The average ‘sold’ price was $195,000, which is 4.87 percent above the previous month’s average of $186,000. Compared to last October’s average of $198,000 it is down 1.5 percent. The 12-month average ‘sold’ price is $182,000.
- The median price in Noblesville was $165,000.