Fishers Home Sales Take 42.9-Percent Nosedive in January, 2011

By
Real Estate Agent with msWoods Real Estate, LLC

Fishers home sales took a 42.9-percent nosedive in January, falling to just 44 from the previous month’s total of 77. In fact, this was the lowest total the seen by the Fishers real estate market in 15 months. Compared to last January’s total of 62 this is a 29 percent decrease. The period from November, 2010 through January, 2011 saw an average of just 66 sales, or 22.4 percent fewer than this same period 1 year ago. But hey, when the entire city is covered in a 2-inch sheet of ice it’s surprising that even fewer homes weren’t sold. But at least new transactions were being added to the pipeline. January’s total of 60 pending sales represents an 11.1-percent increase versus the previous month’s total of 54. Compared to January of 2010, however, this is a 36.2-percent decrease. From November of 2010 through January of 2011 there was an average of 62 pending sales per month, or 26.9 fewer, compared to an average of 84 sales per month during this same period 1 year ago. But if there had to be fewer sales then at least the problem wasn’t compounded by an increase in total listings. There were 1.1 percent fewer homes on the market in January compared to the previous month, or 614 versus 621 respectively. Compared to last January’s total of 555 listings, however, this was a 10.6-percent increase. Viewed quarterly, there were 9.6 percent more Fishers homes for sale from November, 2010 through January, 2011 compared to this same period 1 year ago, when there were just 569 total listings. Of the 623 homes listed for sale 165 were new listings. Over the past 12 months, on average, there are 184 new listings added to the Fishers real estate market each month. There were 204 new listings added last January. The average time on market rose 7.2 percent, from 96 days in December to 103 days in January. In fact, this average set a 15-month high in this statistical category. Compared to last January’s average of 67 days on market this is a 53.7-percent increase. It is also nearly 29 percent above the 12-month average time on market of 80 days. Over the past 15 months homes in Fishers have not spent fewer than 58 days on market on average.

Some other pertinent stats:

  • The sold-list differential in Fishers remained unchanged from the previous month at a solid 96 percent in January. In fact, this is one statistical category in which Fishers sellers have fared very respectably as Fishers homes have not sold for less than 95 percent of list the past 15 months on average. The 12-month sold-list differential is 96 percent.
  • The average price per square foot also remained unchanged from the previous month’s figure of $71. While this is 4 percent above last January’s average of $74 it is roughly 5 percent below the 12-month average of $75 per square foot. January’s $71 average, by the way, represents a continuation of the 15-month low that was set the previous month.
  • January’s average ‘sold’ price of $193,000 was a decrease of 3.5 percent versus the previous month’s average of $200,000. It is an even greater 16 percent below last January’s average of $230,000. Finally, it is nearly 9 percent below the 12-month average ‘sold’ price of $212,000.
  • January’s average active price of $259,000 was down 3.3 percent versus the previous month’s average of $268,000. Compared to last January’s average of this is a drop of nearly 13 percent. It is also 7.1 percent below the 12-month average active price of $279,000. Oh, and did I mention that it represents a new 15-month low in this statistical category?
  • There were 14 months of inventory based on closed sales and 10.2 months of inventory based on pending sales.
  • The absorption rate based on closed sales was 7.2 percent, while the absorption rate based on pending sales was 9.8 percent.
  • The median price for Fishers homes in January was $159,000.

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

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Topic:
Real Estate Market Trends
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Indiana Hamilton County Fishers
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