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What stands out from the above chart is the gentle slope of the line that represents total pending sales. Unlike other nearly Central Indiana real estate markets that have undergone abrupt changes in this statistical category from one month to the next, the Greenwood market has displayed far less fluctuation in this regard. In fact, Greenwood is in rare company indeed due to the fact that total pending sales actually rose in December, albeit just a slight 1.4-percent. This stands in stark contrast the near universal decline in pending sales that has been observed in other real estate markets throughout Central Indiana. Even when compared to last December’s total of 55 pending sales this is an increase of over 7 percent.
But not only were pending sales on the rise, so were actual sales. In December, 2010 there were 3.5 percent more homes sold, or 59, compared to the previous month’s total of 57. While this is down around 4 percent from last December’s total of 72 sales it’s still not bad considering that December is traditionally one of the slowest months for real estate sales.
Also on the bright side, in terms of the overall health of the Greenwood market, was the fact that fewer homes were added to available pool of inventory, 107 to be exact. Shrinking inventory is a good thing in this market. As well, there were 2.3 percent fewer
Greenwood homes listed for sale in December compared to the previous month’s total of 657. While this is 9.3 percent above last December’s total of 587 listings it is nevertheless a move in the right direction relative to the here-and-now.
One area that left a little to be desired, at least if you were a home seller in Greenwood, was the average time on market. In December homes spent an average of 95 days on market. While no one wants to wait over 3 months to sell a home, at least this was a modest, 6-percent improvement over the previous month’s average of 101 days. This also represents a 18.7-percent worsening in average time on market versus last December’s average of just 80 days. The 12-month average time on market in Greenwood, including December, is 79 days.
Some other noteworthy facts:
- The sold-list differential held steady at 95 percent for the third straight month. This was also unchanged from the 12-month average, which is also 95 percent. Over the past 15 months the sold-list differential has dipped below 95 percent just twice, in January and August of 2010, when it hit 94 percent.
- The average price per square foot fell 16.6 percent, from $72 in November to $60 in December. This is also nearly 12 percent below last December’s average of $68 and 10.4 percent below the 12-month average of $67 per square foot.
- The average ‘sold’ price of $144,000 was nearly 20 percent below the previous month’s average of $179,000. This is also a 3-percent drop from last December’s average of $149,000 and 8.2 percent below the 12-month average ‘sold’ price of $157,000.
- The average active price fell nearly 3 percent from the previous month, reaching $203,000. This is 6 percent below last December’s average of $216,000 and 4.2 percent below the 12-month average of $157,000.
- There were 9.3 months of inventory based on closed sales and 10.9 months of inventory based on pending sales.
- The absorption rate was 10.7 percent based on closed sales and 9.2 percent based on pending sales.
- The median price was $133,000.
For up-to-date reports on this market, including detailed charts and graphs, be sure to visit the main
Greenwood real estate market reports page. View the
original article here.
