The Westfield real estate market left much to be desired from a market performance standpoint. Total pending sales fell 18.4 percent from 38 in June to 31 in July. Pending sales were unchanged versus this same month 1 year ago, however. From May through July of this year, however, this stat didn’t look nearly as bad considering the average number of pending sales per month rose 37 percent versus this same quarter 1 year ago, when the monthly average was 27 pending sales.
The total number of closings that took place in July was also down by 19 percent compared to the previous month’s total of 42. Versus last July’s total of 36 this is a 5.6 decrease. Viewed quarterly, there were 4.9 percent fewer homes sold from May through July of this year compared to this same period 1 year ago, or 39 versus 41 respectively.
While the total number of Westfield homes for sale remained unchanged compared to the previous month’s total of 263 there, versus July of 2010’s total of 319 listings this represents a 17.6 percent drop. Also, the Westfield real estate market saw a 147.9 percent drop in the average number of homes listed for sale per month from May through July of this year versus this same period 1 year ago.
Some other pertinent Westfield real estate market facts:
- Of the 263 homes listed for sale in Westfield, Indiana in July 63 were new listings. While this represents a 20.2-percent decrease versus last July’s total of 79 it is only slightly above the 12-month average of 61 new listings per month.
- The absorption rate based on closed sales was 12.9 percent, while the absorption rate based on pending sales was 11.8 percent.
- There were 7.7 months of inventory based on closed sales and 8.5 months based on pending sales.
- The median price was $203,000.