The Washington Township real estate market had it’s good points in January, to be sure. One of these good points was not the latest figure for total sales. That’s because there were just 75 homes sold in Washington Township, or 26.5 percent fewer, compared to the previous month’s total of 102 sales. Compared to last January’s total of 90 sales the picure doesn’t look as bad—which isn’t to say it looks good—as the decrease was a lesser 16.7 percent. What’s more, from November of 2010 through January of 2011 there were, on average, 92 homes sold per month, or 19.5 percent fewer, compared to this same period 1 year ago, when the average was 115 per month. But in good news there was a 38.2-percent increase in the total number of transactions with a “pending” status versus the previous month, or 94 versus 68 respectively. Compared to last January’s total of 104 pending sales, however, this is a 9.6-percent decrease. As well, from November of 2010 through January of 2011 there were, on average, a total of 81 pending sales per month, or 18.5 percent fewer, compared to 99 per month during this same period 1 year prior. In other good news, at least if you’re a real estate professional or seller, the total humber of Washington Township homes for sale fell 5.5 percent versus the previous month’s total of 1,080. January’s total of 1,021 listings was also a 0.4-percent decrease versus the 1,025 total listings that were on the market this same time last year. However, from November of 2010 through January of 2011, the total number of homes on the market per month averaged 1,086. This is a 3.3-percent increase versus this same period 1 year ago, when the average was 1,051 per month. Of the 1,021 listings in January 244 were newly added listings. In fact, this represents an 82-percent surge in new listings compared to the previous month’s total of just 134, which by the way, was also a 15-month low in this statistical category. Versus last January’s total of 302, however, this is a 19.2-percent decrease. Over the past 12 months, on average, a total of 276 homes have entered the market as new listings each month. If you were a seller in January then you were probably disappointed by how long it took to sell your home. That’s because homes spent an average of 104 days on the market, or nearly 20 percent more time, comapred to the previous month’s average of just 86 days. Not only is this 15.5 percent above last January’s average of 90 days but it is 22.3 percent above the 12-month average time on market of 85 days. Moreover, January’s figure of 104 days was unnervingly close to reaching the record 15-month high of 112 days that was set in February of 2010.
Some other pertinent stats:
- The average ‘sold’ price of $206,000 was up 3.5 percent versus the previous month’s average of $199,000. Compared to last January’s (15-month low) average of just $144,000 this is an increase of nearly 41 percent. The 12-month average is $200,000.
- January’s average active price of $236,000 was 3.7 percent above the previous month’s average of $245,000. While this is 10.6 percent above last January’s average of $264,000 it is 8.5 percent below the 12-month average active price of $258,000.
- January’s sold-list differential of 91 percent, in addition representing a 4-percent decrease versus last January, goes on record as a 15-month low in this statistical category. In fact, over the past 12 months homes in this area of Indianapolis have on average sold for more than 96 percent of list price just once: July of 2010. The 12-month average sold-list differential is 94 percent.
- The average price per square foot rose 5 percent, from $77 in December to $81 in January. Compared to last January’s average of $60 this is a sizeable 35-percent increase. Not only this, but it is nearly 4 percent above the 12-month average price per square foot of $78.
- There were 13.6 months of inventory based on closed sales. This is a 28.3-percent increase versus the previous month’s total of 10.6. In contrast, this figure fell based on pending sales as there were just 10.9 months of inventory on the market.
- The absorption rate based on closed sales fell from 9.4 percent in December to just 7.3 percent in January. Meanwhile, the absorption rate based on pending sales rose from 6.3 to 9.2 percent over this same 1-month period.
- The median price of $151,000 was just 1.3 percent above the previous month’s figure of $149,000.
For up-to-date market info, including illustrative charts and graphs, please visit the Washington Township real estate market reports page. View the original article here.