While there were a few positive developments in the Pike Township real estate market in August, 2011 the news was hardly rosy. Total sales, for example, fell 2.3 percent, from 88 in July to 869 in August. But compared to August of last year, this is a 30.3-percent increase in total sales. Also, from June through August of this year, there were on average 90 total sales per month, or 18.4-percent more, compared to this same quarter 1 year ago, when the monthly average was 76.
One stat that gave reason for optimism was a 17.1-percent increase in total pending sales, as there were 89 pending sales in the pipeline versus the previous month’s total of 76. The down side to this is that, compared to last August’s total of 107 pending sales, this is a decrease of 16.8 percent. However, from June through August of this year there were, on average, 85 pending sales per month, or 3.7 percent more, compared to this same quarter 1 year ago.
The total number of Pike Township homes for sale didn’t fall much, but it did fall 1.1 percent, from 646 in July to 639 in August. Considering the market doesn’t exactly suffer from a lack of inventory this is a good thing. What’s more, compared to last August’s total of 691 this is a 7.5-percent decrease. From June through August of this year there were 5.3 percent fewer homes listed on the Pike Township real estate market on a per-month basis relative to this same quarter in 2010.
Other Pike Township real estate market stats:
- There were 164 new listings added to the market in August. This is a 17.1-percent increase versus the previous month’s total of 140 and a 6.3-percent decrease versus last August’s total of 175. The 12-month average number of new listings is 140.
- Homes in this area of Indianapolis Indiana spent an average of 91 days on market, up slightly from both August, 2010 and the previous month, both of which averaged 87 days. The 12-month average time on market is 87 days in Pike Township.
- The absorption rate based on closed sales was 13.5 percent, while the absorption rate based on pending sales was 13.9 percent.
- The average price per square foot was $54.
- The median price was $103,000.