The improvement was not huge in the Wayne Township real estate market, but it was there and could be felt. From a supply-demand standpoint, fewer homes on the market at this point is a good thing. In August, 2011 there were 0.7 percent fewer Wayne Township homes for sale compared to the previous month. Compared to last August’s total of 914, however, this is a much better 18.9-percent improvement. Even in a quarterly view there was improvement as the average number of home listed for sale on a per-month basis fell 19.8 percent versus this same period 1 year ago.
It wasn’t much, but total sales picked up by 2.2 percent in August compared to the previous month. Compared to last August’s total of 88 this is slightly larger improvement of 3.4 percent. From June through August of this year, however, there were on average 4 percent fewer closings per month versus this same 3-month period last year.
But the biggest improvement came in the form of a 23.2-percent increase in total pending sales versus the previous month’s total of 82. Compared to last August’s total of 99 this is a 2-percent improvement—not much, but we’ll take it. The only downside in our analysis resides in the fact that there were, on average, 5.2 percent fewer pending sales per month from June through August of this year compared to this same period 1 year ago.
Some other Wayne Township real estate market stats:
- Homes in this area of Indianapolis Indiana spent an average of 89 days on the market, down 11 percent versus the previous month’s average of 100 days—an improvement enjoyed no doubt by many a seller!
- Of the 741 homes on the market 171 were new listings. This is up only slightly from the 12-month average number of 165 new listings per month.
- The absorption rate based on closed sales was 12.3 percent, while the absorption rate based on pending sales was 13.6 percent. The 12-month averages are 12.3 and 12 percent respectively.
- There were 8.1 months of inventory based on closed sales and 7.3 months of inventory based on pending sales.
- The average active price was $82,000, while the average ‘sold’ price was just $64,000.
- The median price was $55,000.