After surging by nearly 53 percent in March of this year, and then falling by nearly 15 percent in April, total pending sales in Plainfield reached a total of 42 in May, 2012. While this is a 2.4-percent improvement versus the previous month, it represents a 20-percent increase versus 1 year ago. Not only this, but the monthly average of 44 pending sales from March through May of this year represents a 15.8-percent increase compared to this same period last year. On average, there have been 31 pending sales per month over the past year.
Sales activity picked up by 9.8 percent, as a total of 45 closings took place in May compared to a total of 41 the previous month. This 9.8-percent improvement also held versus last May’s total number of closings which, coincidentally, was also 41. The average number of closings to take place on a monthly basis, from March through May of this year, was up 12.1 percent relative to this same quarter in 2011. The 12-month average number of closings each month is 31.
Sellers enjoyed just a bit of relief as there was 5.9 percent less competition on the Plainfield market in May compared to the previous month. Not only this, but compared to last May’s total of 216 listings, there were 4.2 percent fewer competing listings to contend with. Of the 207 homes for sale in May, 2012, 51 were new listings. This figure is down 13.5 percent versus the previous month’s total of 59 new listings, but also down nearly 18 percent versus last May’s total of 62 new listings. The 12-month average number of homes placed on the market each month is 48.
Some other interesting Plainfield real estate market facts:
- The average time on market improved greatly, as homes spent an average of 60 days on the market in May compared to an average of 103 days in April. This is also a 44.4-percent improvement versus last May’s average of 108 days. The 12-month average time on market in Plainfield is 93 days.
- The absorption rate based on closed sales was 21.7 percent, while the absorption rate based on pending sales was 20.3 percent.
- There were 4.6 months of inventory based on closed sales and 4.9 months of inventory based on pending sales.
- The average price per square foot was $70. This is unchanged versus May of 2011, and up just slightly versus the 12-month average of $69.
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