Indianapolis Pike Township Real Estate Stats - July 2016
In the past few weeks I've shown the market in some of the west and northwest suburbs of Indianapolis. Today we are looking at Pike Township, which resides inside Indianapolis' northwest boundaries. Data encompasses the entire township, and for purposes of this report, includes resale homes only (no new construction).
Here is the year-over-year results, comparing June 2015 to July 2016:
|July 2015||July 2016|
|Total Homes Sold||96||108|
|# Distressed Sales||11||16|
|Average Sale Price||$142,809||$156,498|
|Average List Price to Sale Price Ratio||97.8%||98.1%|
|Average Days on Market||67||63|
And month-over-month, comparing June 2016 to July 2016:
|June 2016||July 2016|
|Total Homes Sold||116||108|
|# Distressed Sales||13||16|
|Average Sale Price||$205,054||$156,498|
|Average List Price to Sale Price Ratio||98.8%||98.1%|
|Average Days on Market||53||63|
Here is the current status of residential real estate in Pike Township as of August 1, 2016:
- 255 homes are active, for sale
- 197 homes are under contract (accepted offer, yet to close)
- 105 homes have sold in the past 30 days,
From this, we can determine the area's Absorption Rate, which is simply the rate at which homes are selling in a specific area.
When you plug in our numbers, it says that there is a little less than a 19-week supply of homes on the market right now. This means that if market conditions do not change and if no new listings come onto the market, it will take 18.7 weeks (a little over 4 months) for all of the current inventory to sell at the current pace of the market. A balanced market's absoprtion rate is typically right around 6 months. Although the metrics have shown a slight slow down since June, Pike Towhship remains a solid seller's market.
If you've been thinking about selling your house and would like to see where it potentially fits among others for sale, please call or text me at the number below. We just might be the in the middle of the best time for you to sell.