The Plainfield real estate market rebounded from a 54-percent drop in sales that occurred just 1 month prior in November, 2010. December’s total of 19 homes sold represents a whopping 181.9-percent increase versus the previous month and a 129-percent increase versus October. Compared to last December’s total of just 15 sales it is a 106.7-percent improvement. Viewed on a quarterly basis, however, there were 9.6 percent fewer homes sold per month on average compared to the fourth quarter of 2009.Total pending sales, on the other hand, were down 9.5 percent as there were just 19 pending sales in December versus November’s total of 21. Compared to last December’s total of just 15 pending sales this is an increase of 26.7 percent. What’s more there were on average 1.7 percent more homes sold per month during the fourth quarter of 2010 compared to fourth quarter, 2009. Since hitting a 6-month high of 217 in August of 2010 total listings have fallen in each of the consecutive months since then. In fact, December’s total of just 180 Plainfield homes listed for sale represents a new 15-month low in total listings. This is even a 5-percent decrease compared to last December’s total of 189 homes for sale. What’s more, December’s total of just 29 new listings represents a new 15-month low in this category. Fewer homes on the market these days is a good thing since it balances things out in terms of supply and demand. Another area of improvement, at least if you were a seller or real estate agent, was the average time spent on market. Homes in Plainfield spent an average of 77 days on market in December versus 81 days in November. In fact, over the past 15 months homes have spent fewer than 77 days on the market just once, in February of 2010, when the average time on market dropped to a 15-month low of just 51 days. December’s average time on market was also 10.4 percent below the 12-month average of 86 days. Some other pertinent market stats:
- He average ‘sold’ price dropped 19 percent, from $167 in November to just $135,000 in December. This comes close to matching the 12-month low of just $127,000 that belonged to December of 2009. This is 12.0 percent below the 12-month average ‘sold’ price of $154,000.
- Not only did December’s average active price of $176,000 represent a 5.3-percent drop from the previous month’s average of $186,000 it was also a 15-month low for this statistical category of measurement. The 12-month average active price is $193,000.
- The absorption rate based on closed sales rose to 17.2 percent versus the previous month’s rate of just 5.9 percent—a difference of 11.3 percent. Meanwhile, the absorption rate based on pending sales dropped slightly, from 11.3 in November to just 10.6 in December.
- There were just 5.8 months of inventory on the market in December compared to 16.9 in November—what a difference a month can make sometimes! There were 9.5 months of inventory on the market based on pending sales.
- The median price of $128,000 was a 15-month low, not to mention 8.5 percent below the 12-month average median price of $140,000.