Avon, IN

You can’t lose two-thirds of your pending sales one month and expect everything to be fine the next month. This was partly true for the Avon real estate market in June, 2010. While total pending sales in Avon, Indiana did rebound from the worst 1-month drop in 15 months, total closed sales were down significantly. Starting with total pending sales, there was a 6.5-percent increase versus last month’s total of 31. Compared last June’s total of 59, however, pending sales were down 44.1 percent. The bad news: There was a 37.5-percent drop in total closed sales as 27 fewer homes sold in June compared to May. Relative to June of 2009 the difference was also -37.5 percent. Not helping matters, at least from a seller’s standpoint, was a 1.5-percent increase in the number of listings, with 410 Avon homes for sale in June versus 404 the previous month. Compared to last June’s total of 330 listings this was an increase of 24.2 percent.

Calculated at 11 percent the absorption rate based on closed sales was nearly half that of June, 2009. It was also down significantly from the previous month, when it measured 17.8 percent. The most recent 12-month average is 12.7 percent.

The absorption rate based on pending sales rose 0.3 percent versus last month, finishing at 8 percent. Over the past 15 months this figure has topped 21 percent just twice, in April of 2009 and in April of 2010. The most recent 12-month average is 12.6 percent.

Some other pertinent facts:

• Avon homes spent an average of 71 days on market in June; down nearly 22 percent from the previous month’s average of 91 days and also down 16.4 percent from the 12-month average of 85 days.
• The sold-list differential in 3 out of the past 5 months has averaged 97 percent. In June, it was exactly equal to the 12-month average of 96 percent. This statistical measure has actually been fairly consistent over the past 12-months; the only anomaly occurring in January of 2010 when homes sold, on average, for 91 percent of list price.
• The average price per square foot remained unchanged from that of the previous month at $72.
• The average ‘sold’ price of $159,000 was 11.1 percent below the previous month’s average of $179,000. The 12-month average for this metric is $168,000.
• The average active price was $218,000.
• The median price was $149,000.

No pending real estate transaction remains pending forever. Sooner or later, it will either fall apart or realize its destiny as a closed sale. This is exactly what happened in the Avon real estate market in May, 2010. Considering the 15-month high total of 85 pending sales that were waiting to close in April it comes as no surprise that the total number of homes sold in May was up. This figure grew 41.7 percent as there were 68 sales in May compared to 48 in April. Compared to the 57 sales that closed in May of 2009 this was a 19.3-percent increase.

The 67.1-percent drop in the total number of pending sales, from 85 the previous month to just 28 in May, was the single largest decrease in this statistical category over the past 15 months. Compared with last May this was 55.6-percent drop. May represented the 4^th consecutive month that the total number of Avon homes sold grew. With the pipeline of pending sales having depleted itself to a large extent in May, this 4-month streak would appear to be in jeopardy in June.

If you’re a seller then you probably have a keen appreciation for the law of supply-and-demand. Specifically, the last thing you want is for buyers to have even larger inventory to browse. This is what happened in May as the total number of Avon homes for sale rose 3.1 percent versus last month’s total of 392, topping out at 404 listings. Compared to just 323 listings in May of 2009 this was a 25.1-percent increase in the total number of homes for sale.

By extension, there were corresponding changes in both the available inventories and absorption rates based on pending and closed sales. The total months of available inventory based on close sales dropped from 8.2 in April to just 5.9 in May, while the total months of inventory based on pending sale more than tripled, growing from 4.6 to 14.4.

Some other pertinent facts:

• Homes spent an average of 88 days on market in May; up slightly from the 12-month average of 86 days. Over the past 15 months Avon homes have spent no fewer than 69, and more than 110, days on market.
• The average sold-list differential was 97 percent. This is up slightly from the 12-month average of 96 percent.
• Buyers paid an average cost per square foot of $72. This, too, is up slightly from the 12-month average of $71 per square foot.
• The average ‘sold’ in Avon, Indiana price was $180,000, while the average active price was $230,000.
• The absorption rate based on closed sales was 16.8 percent, while the absorption rate based on pending sales was 6.9 percent.

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Avon Indiana Home For Sale!

Ivy Tech to open classroom site in Beechwood Centre

Avon Indiana is buzzing with the news that Ivy Tech is opening a satellite Campus in Avon. The officials here had worked hard for a period of time to get Ivy tech to sign an agreement finally on April 22 their dream had come true. Ivy Tech will bring 12 class rooms and a computer Lab, utilizing the strip mall with the Gerbt furniture store, Star Walk cafe and Bedroom one. The vacant strip mall will be full of students this fall when it opens. I for one am very excited to hear about Ivy tech coming to Avon. Having a community college close by to be able to take a class or two sounds fantastic. There is always something new I want to learn and maybe they will be offering a class that would advance my career in Real Estate. Avon community College does indeed have a nice ring to it.

The number of homes sold in Avon, Indiana dropped 9.3 percent as just 39 homes sold in April compared to 43 the previous month. But offsetting this drop was a significant 41.1-percent rise in the total number of pending sales, with 79 in April compared to just 56 in March. Compared to April of 2009 this is a 17.9-percent increase. The total number of Avon homes for sale rose from 377 in March to 392 in April for an increase of 4 percent. What’s more, compared this same time 12 months ago the number of listings was up a significant 26.9 percent.

With sales down it’s no surprise that the absorption rate based on closed sales dropped from 11.4 to 9.9 percent. The absorption rate based on pending sales rose from 14.9 to 20.2 percent.

There were 10.1 months of inventory based on closed sales in April compared to 8.8 the previous month. A year ago this same time there just 5.6 months of inventory. The total months of inventory based on pending sales dropped from 6.7 the previous month to just 5 in April. A year ago this figure was 4.6.

Homes spent an average of 88 days on the Avon real estate market in April compared to 80 in March. While this was not far from the 12-month average of 84 days it was a 34-percent decrease from the 15-month high of 134 days that was set in January, 2010.

The sold-list differential rose 2 percent from the previous month, topping out at 97 percent. This is actually quite an improvement from the 12-month low of 91 percent that occurred in January of 2010.

The average ‘sold’ price ticked down a notch from $168,000 in March to $167,000 in April; while the average active price rose 2.1 percent, from $231,000 to $236,000.