65-Percent Increase in Plainfield Pending Sales in March, 2011

With healthy increases in several key indicators it was clear that the Plainfield real estate market had finally rid itself of the winter doldrums in March of 2011. There were 23 closings, for starters. This represents a 27.8-percent increase versus February’s total of just 18, albeit a 23.3-percent decrease versus last March’s total of 30. It is also 13 percent below the average of 23 closings that took place per month from January of 2010 through March of 2010.

In the statistical category of pending sales there was a nice 65-percent increase as 13 transactions were making their way through the sales pipeline in March compared to just 20 the previous month. Versus March of 2010 this figure is represents a 6.5-percent decrease in total pending sales. And from January through March there were, on average, a total of 25 pending sales per month, or 10.7 percent fewer, compared to this same 3-month period last year.

There were 209 Plainfield homes for sale in March, or 3.5 percent more, compared to the previous month’s total of 202. Compared to last March, however, this represents a 7.1-percent decrease in total listings. And compared to the average monthly total of 215 homes that were listed for sale per month from January of 2010 through March of 2010 this is a 7 percent decrease versus the most current quarter.

Some other Plainfield Indiana market stats:

• There absorption rate based on closed sales rose 2.1 percent in March versus the previous month’s figure of 8.9 percent. Over this same period, the absorption rate based on pending sales rose an even greater 5.9 percent, measuring 15.8 percent on the month.
• There were 9.1 months of inventory on the market in March compared to 11.2 the previous month—a decrease of 18.7 percent.
• There were 6.3 months of inventory based on pending sales. This is a healthy 37.6-percent decrease versus the previous month’s figure of 10.1.
• March’s median price of $150,000 was nearly 8 percent above the previous month’s median price of $139,000.

For up-to-date stats, including illustrative charts and graphs, please visit the 2-year Plainfield real estate market statistics report here. View the original article here.