There was reason to be optimistic about the direction of the Westfield real estate market in August, 2011, as the most recent total of 44 closings was up 22.2 percent versus the previous month’s total of 36. In a more longitudinal view, this is a 51.7-percent improvement versus last year’s figure of just 29 closings in August, 2010. In a quarterly analysis, the average number of closing that took place per month from June through August of this year rose 10.8 percent compared to this same period 1 year ago, or 41 closings versus 37 respectively.
But total closings wasn’t the only stat that saw improvement. Total pending sales climbed a respectable 16.7 percent, from 36 in July to 42 in August. Compared to where the Westfield market was a year ago, this is a 27.3-percent improvement. Of course, total pending sales are significant because they generally precede an increase in actual sales. In yet another analysis, the average number of total pending sales from June through August rose 34.5 percent versus this same quarter 1 year ago.
Ask any Westfield home seller and you won’t find any disagreement on this point: The market would benefit by a significant decrease in the number of homes for sale. This is true not only of the Westfield real estate market in particular but the U.S. market in as a whole. In the case of Westfield, there was a 3-percent drop in the total number of Westfield homes for sale versus the previous month’s total of 263. But what’s most significant about this is the fact that it represents a 19.8-percent reduction in total listings versus last August’s total of 318. Further still, the average number of homes listed per month from June through August of 2011 fell 18.5 percent versus this same quarter last year.
A few other Westfield real estate market facts:
- August’s average sold-list differential of 96 percent remained unchanged from that of the previous month, not to mention that of August, 2010, both of which averaged 96 percent. The 12-month average sold-list differential in Westfield Indiana is 95 percent.
- Homes in Westfield spent an average of 77 days on the market in August—a 19.7-percent improvement versus the previous month’s average of 96 days. While this is a little worse that last August’s average of 73 days it is significantly better than the 12-month average time on market in Westfield of 96 days.
- The absorption rate was 17.3 percent based on closed sales and 16.5 percent based on pending sales.
- The median price was $175,000.