The Zionsville real estate market took a couple nosedives in key statistical measures, as both closed and pending sales fell in excess of 40 percent each. Staring with closed sales, there was a drop of 42 percent, from 50 closings in August to just 29 in September. The only thing positive about 29 closings is that it represents an increase of 3.6 percent versus last September’s total of 28. Also, from July through September of 2011 there were, on average, 21.2 percent more closings per month relative to this same quarter 1 year ago.
You have to wonder what’s in store for the near-term when pending sales fall 40 percent, from 35 in August to just 21 in September. At least compared to last September’s total of 19 this is a 10.5-percent increase. Also, viewed quarterly, there were on average 33 pending sales in the pipeline per month from July through September of this year compared to this same period in 2010.
Total Zionsville listings fell 0.3 percent, from 316 in August to 315 in September. In comparison to other nearby markets, such as the Indianapolis real estate market that lost 3.2 percent of its listings over the same period, it is not much of a decrease, but we’ll take it. Compared to last September’s total of 344 Zionsville listings this is an 8.4-percent drop. From July through September of 2011 there were on average 316 homes listed on the Zionsville real estate market, or 9.7 percent fewer, compared to this same quarter last year, or 316 versus 350 respectively.
Some other Zionsville market stats:
- Homes in Zionsville Indiana spent an average of 96 days on the market in September, up a significant 50 percent versus the previous month’s average of 64 days. But as bad as a 96-day average is, it is still better than the 12-month average time on market in Zionsville is 105 days.
- The absorption rate based on closed sales was 9.2 percent, while the absorption rate based on pending sales was 6.7 percent.
- There were 10.9 months of inventory based on closed sales, and a whopping 15 months based on pending sales.
- The average price per square foot was $93.
- The median price was $289,000.