For the second straight month the Wayne Township real estate market slowed as there was a 27.6-percent drop in the number of closings that took place compared to the previous month. But surprisingly, the 76 closings that were recorded in October, 2011 represent a 13.4-percent improvement versus this same month in 2010. What’s more, from August through October of this year there were on average 92 closings per month, or 13.6 percent more, compared to this same quarter 1 year ago.
Total pending sales fell 9.2 percent, from 87 in September to 79 in October. Here again, a similar pattern can be seen as the most recent figure of 79 represents a 46.3-percent improvement versus this same time last year, when there were just 54 pending sales in the October pipeline. The average total of monthly pending sales from August through October of this year was also up 10.8 percent compared to this same period 1 year ago.
For the third consecutive month the total number of Wayne Township homes for sale fell, most recently by 8.6 percent as there were 638 listings in October compare to 698 the previous month. Compared to last October’s total of 814 this represents a 21.6-percent decrease in the number of homes listed for sale in the this particular area of the Indianapolis real estate market. From August through October of 2011 there were on average just 692 homes for sale per month, or 19.5 percent fewer, compared to this same quarter 1 year ago, when the per-month average was 860.
Some other Wayne Township stats:
- Of the 638 homes for sale 120 were new listings. This is down nearly 18.4 percent versus last October’s total of 147 and down 24.5 percent versus the 12-month average of 159 new listings per month.
- The average sold-list differential in this area of Indianapolis Indiana was 94 percent, while the average sold-list differential based on the original list price was just 79 percent.
- The absorption rate based on closed sales was 11.9 percent, while the absorption rate based on pending sales was 12.4 percent.
- There were 8.4 months of inventory based on closed sales and 8.1 months of inventory based on pending sales.
- The median price was just $43,000.