Westfield, IN - Market Update

Westfield Market Update - April

 We keep hearing how real estate is local.  Well, based on the latest article by CNN money, it looks like Indianapolis, IN is on its way up! CNN says that Indianapolis is the nation's most affordable place to buy a home due to declining home prices, low interest rates, and good paying jobs. Even adjacent communities such as Westfield are also experiencing a decline in home prices, which also contributes to these statistics.  Let's take a closer look:

 Currently there are 406 home sales in Westfield, IN ranging in price from $2,499,000 to $64,995.  Inventory is starting to decrease with 112 new listings in April 09 as compared to 121 in April 08. The average sales price is 6% lower than the same time period last year and the average list price has also declined from $240,078 to $226,798. Although, the list/sales ratio is not as strong as in the past, it is still attractive.  Sellers expected to receive 96% of list price in April 09; a slight reduction from April 08. Countryside and Maple Knoll communities have the most pended sales. Pended sales are those under contract waiting to 'close the deal'. Lastly, the Ave. DOM (days on market) is improving down from 96 days to 91 days.

 Hopefully with warm weather and spring in the air both buyers and sellers will benefit from this gradual turnaround.

 Date compiled from MLS 5/21/09