The Westfield real estate market suffered an 8.8-percent drop in total sales, from 34 in September to 31 in October, 2011. Versus last October’s total of 30, however, this is a 3.3-percent increase. More impressively, the average number of closings that took place per month from August through October of this year rose 37 percent compared to this same period year ago.
There was pleasant news to report in the pending sales department as total Westfield pending sales climbed 11.5 percent versus the previous month’s total of 26. Even compared to last October’s total of 28 this is a 3.6-percent increase in total pending sales. Also, from August through October of this year the Westfield market saw 13.8 percent more pending sales per month versus this same quarter in 2010.
In other positive news the total number of Westfield homes for sale fell 7.6 percent versus the previous month’s average of 251. In way of comparison, there was a 4.9-percent drop in the number of Indianapolis homes for sale during this same period. And compared to last October’s total of 286 Westfield listings this is an 18.9-percent decrease overall.
Some other noteworthy Westfield real estate market stats:
- Of the 232 Westfield homes for sale in October 45 were new additions to the market. This is down 13.5 percent versus the previous month’s total of 52 and down 10 percent versus last October’s total of 50. The 12-month average in Westfield Indiana is 59 new listings per month.
- Homes in Westfield spent an average of 119 long days on the market. Not only is this 52.5 percent worse versus the previous month and 56.6 percent worse that last October’s average of 76 but it is 21.4 percent above the 12-month Westfield average of 98 days.
- The absorption rate based on closed sales was 13.4 percent, while the absorption rate based on pending sales was 12.5 percent.
- There were 7.5 months of inventory based on closed sales and 8 months based on pending sales.
- The average sold-list differential was 95 percent, while the differential between the average ‘sold’ price and the original list price was 90 percent.
- The median price was $190,000.