Noblesville Home Sales Plunge 50 Percent in January, 2011

By
Real Estate Broker with msWoods Real Estate, LLC

That it was winter was painfully clear to real estate brokers everywhere in Noblesville. That’s because total sale plunged 50 percent, from 82 in December of 2010 to just 41 in January of 2011. Compared to last January’s total of just 42 sales, however, not only is this business as usual it is a 2.5-percent increase in total sales. From November of 2010 through January of 2011, there were on average a total of 66 sales per month, or 5.3 percent fewer, compared to an average of 70 during this same period 1 year ago. Total pending sales, were up by 5.7 percent, from 53 the previous month to 56 in January. Compared to last January, however, this represents a decrease of 9.7 percent. Also, from November of 2010 through January of 2011 there was on average a total of 62 pending sales per month, or 2.6 percent fewer, compared to an average of 64 per month during this same time last year. Total listings were down 4.9 percent, from 633 in December to 602 in January. This was an even larger 6.1-percent decrease versus last January’s total of 641 total listings. Viewed quarterly, from November of 2011 through January of 2011 there were, on average, a total of 635 Noblesville homes for sale per month versus an average of 634 during this same quarter 1 year ago. Of the 602 homes listed for sale 127 came in the form of new listings. This total, in fact, represents an increase in new listings of nearly 30 percent versus the previous month’s total of 98. The 12-month average is 165 new listings per month. Compared to last January, when there were 180 homes entering the market, this is a 29-percent decrease. If you were a seller then you probably weren’t happy with how long it took to sell your home. In January, the average was 111 days on the Noblesville real estate market compared to 102 days the previous month. Last January, homes in Noblesville spent ‘just’ 80 days on the market before selling. The 12-month average time on market in Noblesville is 86 days.

Some other pertinent stats:

  • The average ‘sold’ price of $176,000 was up only slightly versus the previous month’s average of $175,000. While this is a 7.3-percent increase versus last January’s average of $164,000 it is a decrease of nearly 3 percent versus the 12-month average ‘sold’ price of $181,000.
  • January’s average active price of $250,000 was down, barely, from the previous month’s average of $252,000. Versus last January’s average of $284,000 this is a decrease of nearly 12 percent. Also, it is a 7.7-percent decrease versus the 12-month average active price of $271,000.
  • At 95 percent, the sold-list differential held steady relative to the previous month. While this was just 1 percent below last January’s average of 96 percent it is unchanged from the 12-month average sold-list differential, which is also a solid 95 percent.
  • The average price per square foot, too, remained unchanged versus the previous month’s figure of $68. While this is slightly above last January’s average of $66 it is 5.5 percent below the 12-month average price per square foot of $72.
  • There were 14.7 months of inventory on the market based on closed sales—an increase of nearly 91 percent! Based on pending sales, however, total inventory fell from 11.9 to 10.8 months during this same period.
  • The absorption rate based on closed sales fell from 13 percent the previous month to just 6.8 percent in January. Based on pending sales the absorption rate rose a bit, from 8.4 percent to 9.3 percent in January.
  • January’s median price of $140,000 was down only a bit from the previous month’s figure of $140,000.

For up-to-date charts showing market conditions in a variety of statistical categories be sure to visit the Noblesville real estate market reports page here. View the original article here.

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Topic:
Real Estate Market Trends
Location:
Indiana Hamilton County Noblesville
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