There were some pretty strong signs that the Plainfield real estate market had begun to cool off in September, as several key indicators hit new, 6-month lows. Total sales, for example, which had not fallen below 30 in each of the past 5 months, fell to 29, making it a 29.3-percent decrease versus the previous month. But what’s good about September’s 29 sales is that this number represents a 38.1-percent increase compared to where the market was just 1 year ago. Also, from July through September of this year there were, on average, 30.8 percent more homes sold per month compared to this same period last year.
Total pending sales followed a similar pattern. Whereas September’s 29 total pending sales represents a 12.1-percent drop-off versus the previous month’s total of 33, it is actually a healthy 20.8-percent increase compared to 1 year ago, during this same month. As well, there were, on average, 26.9 percent more pending sales in the pipeline on a monthly basis versus this same quarter last year.
Another positive development was that total listings fell 3.4 percent, as there were just 99 Plainfield homes listed for sale in September compared to 206 the previous month. In fact, this is a slightly bigger decrease in listings than the 3.2-percent of homes that came off the Indianapolis real estate market over the same time frame. Compared to last September’s total of 215 this is a 7.4-percent drop in the number of homes listed on the Plainfield real estate market. Even in a quarterly comparison this stat was down, as there were, on average, 5.6 percent fewer listings from July through September of this year versus this same quarter in 2010.
Some other Plainfield market stats:
- Average time on market has not a strong suit for the Plainfield Indiana market, as the average time on market over the past 12 months has run 97 days. In September, the average time on market was 111 days, down 7.5 percent versus the previous month’s average of 120 days, albeit 14.4 percent above the 12-month average.
- The absorption rate based on closed sales was 14.6 percent, while he absorption rate based on pending sales was also 14.6 percent.
- There were 6.9 months of inventory based on both closed and pending sales.
- The median price was $138,000.