If you were an agent trying to sell a home in Warren Township then you probably weren’t altogether thrilled by the fact that homes in this area of Indianapolis Indiana went for an average of 78 percent of their original list price in October, 2011. But if more competition means lower prices then perhaps there was some consolation in the fact that there were 3.8 percent fewer homes for sale in Warren Township’s share of the Indianapolis real estate market. Compared to last October’s total of 874 this represents a 19.6-percent reduction in the number of Warren Township homes for sale. Further still, there were 19.9 percent fewer homes listed per month from August through October of this year compared to this same period 1 year ago.
While Warren Township sales fell 4.7 percent compared to the previous month, the 82 closings that took place in October represent a 20.6-percent improvement compared to where the market was exactly 1 year ago. In a different 1-year comparison, the average number of homes sold from August through October of this year represents a 28-percent increase compared to this same quarter last year, when the average was 75 closings per month.
There were 66 pending sales in October, or 12 percent fewer, compare to the previous month’s total of 75. Considering there were 78 pending sales on the books last October the most recent total looks even worse by comparison.
Some other Warren Township real estate market stats:
- The absorption rate based on closed sales was 11.7 percent, while the absorption rate based on pending sales was 9.4 percent.
- The average active price was $90,000, while the average ‘sold’ price was a mere $69,000.
- Homes in Warren Township went for an average of 78 percent their original list price, while the sold-list differential based on the final list price was 93 percent.
- The average price per square foot was just $38.
- The median price was $66,000.