While there were many positive developments in the Zionsville Indiana market much was left to be desired, at least when it came to one very telling stat: Total pending sales. After holding pretty much steady for the past two months, total pending sales in Zionsville finally took a 31.1-percent plunge, falling to just 31 in August compared to the previous month’s total of 45. But this is not as bad as it may seem, at least when viewed in a more longitudinal perspective: Versus last August’s total of 33 it represents a far milder worsening of just 6.1 percent. On the bright side, there were, on average, a total of 40 pending sales in the pipeline during the months of June through August compared to an average of 33 during this same period last year, making it a 21.2-percent improvement in this particular analysis.
After briefly dipping in July from a 12-month high total of 53 closings in June total sales once again rose by 11.9 percent in August, finishing at 47. But the best thing about the most recent total is that is represents a healthy 30.6-percent increase versus last August’s total of 36. And if this wasn’t enough, there was a 6.7-percent increase in the average number of closings that took place per month from June through August of this year compared to this same quarter 1 year ago, or 40 versus 33 respectively.
It wasn’t much, but the total number of Zionsville homes for sale fell 0.6 percent, from 318 in July to 316 in August—at this point, any decrease in listings is a good thing! What’s more, compared to last August’s total of 355 this represents an 11-percent improvement. Also, versus the monthly average of 354 listings from June through August of 2010 the most average of 322 represents a 9-percent improvement. Overall, these are nice improvements for the Zionsville real estate market.
Some other Zionsville real estate market stats:
- One thing that has no doubt been a source of frustration for many Zionsville sellers over the past 12-months is an average time on market of 106 days. Who wants to wait 3 ½ months to sell a home? Fortunately, this average dropped significantly in August to just 65 days. Compared to last August’s average of 95 days this is a much-welcomed 32-percent improvement.
- One Zionsville market stat that could stand a little improvement, at least relative to central Indiana as a whole, is the sold-list differential. In August, it averaged just 93 percent of list. While this is a slight improvement versus the previous month’s average of just 92 percent it is 2 percent below the 12-month Zionsville average of 95 percent. And with an average ‘sold’ price in August of $404,000 that extra 3 percent translates to lost potential of $12,120!
- The absorption rate based on closed sales was 14.9 percent, while the absorption rate based on pending sales was 9.8 percent.