Brownsburg Pending Sales Show Improvement in June, 2010

In one of the most important areas of measurement—total pending sales–the Brownsburg real estate market showed significant improvement in June, 2010. After nose-diving from 81 to 21 the previous month, total pending sales were up 114.3 percent in June, with 45 total pending sales making their way through the pipeline. At least for now, that’s where the good news ends. That’s because total sales dropped a hefty 32.9 percent, from 70 in May to just 47 in June. At least when compared to last June’s total of 56 sales the difference was only -16.1 percent. On the bright side, barring any unforeseen calamities, all those recent additions to the pending sales pipeline should eventually make their way to closing tables, boosting sales figures in the coming weeks.

If there’s one stat you can nearly always count on as of late it is that of total listings. In June, there were 2.1 percent more Brownsburg homes for sale; versus the previous month there were 294 in total. Compared to a total of 269 homes for sale in June of 2009 there were 9.3 percent more listings.

There has been a bit more variation in the average time spent on market in Brownsburg, Indiana relative to that of other nearby central Indiana towns and cities. For example, over the past 15 months homes in Brownsburg have spent as few as 51, and as many as 126, days on market. In June, 2010 homes spent an average of 73 days on market—up 4.2 percent from the previous month’s average of 70 days, although down nearly 11 percent from the 12-month average of 82 days.

Some other pertinent information:

• The sold-list differential in Brownsburg has not been prone to great variation. In fact, over the past 15 months not once have homes sold for less than 95 percent of list price. In June, homes sold for an average of 97 percent of list, just a shade over the 12-month average of 96 percent.
• The aforementioned 32.9-percent drop in total sales translated into an increase in available inventory as there were 6.3 months of inventory based on closed sales. The recent increase in pending sales, however, cleared 7.2 months of projected inventory.
• The absorption rate based on closed sales dropped from 24.3 percent in May to 16 percent in June. Based on pending sales, however, the absorption rate more than doubled, from 7.3 to 15.3 percent over this same period.
• The average ‘sold’ price dropped a bit from the previous month, from $172,000 to $162,000. The 12-month average is $166,000.
• The average price per square foot dropped 5.3 percent, from $75 in May to $71 in June. The 12-month average is $72.
• The average active price of $220,000 was roughly 2-percent below the 12-month average of $224,000.
• The median price was $148,000.