Homes in Plainfield, Indiana spent over twice as long on the market in March, 2010 compared to February. The average time spent on market was 113 days compared to 54 days the previous month; an increase of 109 percent. The 12-month average time spent on market is 88 days. If you’re looking for a reason for this sudden increase then consider the following:
There 24 homes sold in March compared to 25 in February—a small decrease to be sure, but a decrease nonetheless. At the same time, there was an 8.2-percent increase in the total number of homes listed for sale, with 225 Plainfield homes for sale in March compared to 208 in February. Considering that listings were up and sales were down in is it any wonder that the time spent on market was longer than normal?
One thing that has been quite consistent over the past year in the Plainfield real estate market is the sold-list differential. Not once has this metric dropped below 94 percent. Indeed, the 12-month average has been 96.75 percent. March’s sold-list differential was just slightly below this at 96 percent flat.
The price per square foot paid by buyers over the past 15 months averaged $70. It was exactly $70 in March as well; up 25 percent from February’s 12-month low of just $56.
With listings up and sales down it’s a wonder that the absorption rate based on closed sales was not even higher. But this metric dropped 1.3 percent, from 12 percent in February to just 10.7 percent in March.
Hopefully, the onset of spring will bring with it an increase in home-shopping activity. With summer not far away, it’s wholly conceivable that what now appears to be a flat market will begin to show a stronger pulse.