Brownsburg listings rise 3.7 Percent in February, 2011

Maybe in part due to improved weather conditions in February, the Brownsburg real estate market showed mild improvements in several statistical categories. Starting with total pending sales, there was a 4-percent increase in the number of transactions making their way through the sales pipeline in February compared to the previous month, or 26 versus 25 respectively. If there is a negative spin to be found anywhere in this, perhaps it has to do with the fact that, compared to this same time last year, when there was a total of 37 pending sales, this represents a 29.7-percent decrease. What’s more, from December of 2010 through February of 2011 there were, on average, a total of 22 sales per month, or 33.7 percent fewer, with a “pending” status compared to an average of 34 per month during this same time last year.

While the total number of homes sold in February’s dropped 5 percent, consider that this amounts to a difference of just 1 sale, as there were 20 sales in January compared to 19 in February—not exactly something to lose sleep over if you’re a real estate agent. Compared to last February’s total of 29 sales, however, this represents a 34.5-percent decrease. The 21 transactions that closed per month, on average, from December of 2010 through February of 2011 represents a 27.3-percent decrease in total sales compared to the monthly average of 34 that belonged to this same period 1 year ago.

Meanwhile, as if buyers needed a greater selection of homes from which to choose, the total number of listings increased 3.7 percent, from 272 in January to 282 in February, 2011. Compared to last February’s total of 255 this is a 10.6-percent increase in total listings. Also, from December of 2010 through February of 2011 there were, on average, 275 Brownsburg homes for sale per month, or 16.2 percent more, compared to an average of 236 per month during this same period 1 year ago. Of February’s 282 homes for sale 55 were recent additions to the market. Moreover, February’s total represents a 19 percent decrease versus the previous month’s total of 68 new listings in Brownsburg. This is a far cry from the 15-month high of 107 that occurred last March. On average, a total of 68 homes have made their way to the Brownsburg real estate market each month over the past year.

Time on market improved, albeit ever-so-slightly, in February as homes spent an average of 111 days on the market compared to 117 days the previous month. This is barely an increase over last February’s average of 100 days. The 12-month average time on market in Brownsburg is 81 days. The least amount of time spent on market over the past 12 months occurred in November of 2010 as Brownsburg homes spent an average of just 52 days on market.

Some other Brownsburg market facts:

• The average ‘sold’ price rose 16.4 percent, from $164,000 in January to $191,000 in February, 2011. Even compared to last February’s average of $188,000 this is an increase of 1.6 percent. The 12-month average ‘sold’ price in Brownsburg, including February, is $177,000.
• The average active price rose nearly 2 percent, from $206,000 in January to $210,000 in February. Compared to last February’s average of $216,000, however, this is a decrease of 2.7 percent. The 12-month average active price is $213,000.
• The average price per square foot remained unchanged at $66. This is down only slightly from last February’s average of $69. This is down 8.3 percent versus the 12-month average price per square foot of $72.
• There were 14.8 months of inventory on the market in February based on closed sales—an increase of 8.8 percent compared to the previous month’s total of 13.6 months of inventory. But most striking is the fact that, compared to last February’s total of 8.8 this represents a hefty 68-percent increase in the amount of available inventory based on closed sales. The 12-month average is 8.3 months of inventory.
• There were 10.8 months of inventory based on pending sales in February—barely a decrease versus last month’s total of 10.9 but a decrease nonetheless. The 12-month average in this category is 9.5 months of inventory based on pending sales.
• The absorption rate based on closed sales was 6.7 percent, down from the previous month’s rate of 7.4 percent. Meanwhile, the absorption rate based on pending sales remained unchanged from the previous month, at a modest 9.2 percent.
• February’s median price of $175,000 represents an increase of nearly 21 percent versus the previous month.

To view other real estate reports, including up-to-date charts and date please visit this Brownsburg real estate market reports page. View the original article here.