If you were a real estate agent, or anyone trying to sell a home in Warren Township, then you probably weren’t especially thrilled with the way the month of September, 2011 went down. Starting with sales, there were 29.7 percent fewer homes sold versus the previous month’s total of 118. If there is anything good about selling only 83 homes the surely it has to do with the fact that, compared to last September’s total of just 79 sales this represents a 5.1-percent increase in total sales. Also, from July through September of this year there were on average 104 homes sold per month, or 28.4 percent more, compared to this same quarter 1year ago.
Even worse was what happened with pending sales. There were 40.3 percent fewer pending sales in the September pipeline compared to the previous month’s total of 119. Unlike our previous stat of closed sales, this one doesn’t compare favorably to that of last September. Versus 1 year ago, the most recent total of 71 pending sales represents a 23.7-percent decrease. Also, from July through September of this year there were, on average, 97 pending sales per month, or 6.6 percent fewer, compared to this same period 1 year ago.
Anyone who works in real estate knows what the market needs at this point in time is fewer listings. Fortunately, this is exactly what the Warren Township real estate market got in September, as there were 4.2 percent fewer homes listed for sale in this area of Indianapolis Indiana versus the previous month’s total of 763. But where it gets really interesting is in the 1-year comparison: Versus September of 2010 there were 21.4 percent fewer homes for sale in Warren Township’s portion of the Indianapolis real estate market. From July through September of this year there were 18.7 percent fewer homes on the market on a per-month basis compared to this same quarter 1 year ago.
Some other Warren Township market stats:
- Homes in this area of Indy spent an average of 100 days on the market, down 5.6 percent versus the previous month’s average of 106 days. Homes in Warren Township have not averaged fewer than 84 days on the market over the most recent 12 months.
- The absorption rate was 111.4 percent based on closed sales and 9.7 percent based on pending sales.
- There were 8.8 months of inventory based on closed sales and 10.3 months based on pending sales.
- The price per square foot was just $37.
- The average ‘sold’ price was $69,000, while the average active price was $92,000.