Brownsburg Pending Sales Increase 64.7 Percent – March, 2010

Real Estate Report by m.s.Woods Real Estate, LLC. –  There was a considerable, 64.7-percent increase in the number of pending transactions in March; 56 compared to 34 the previous month.  This figure was even up 9.8 percent over March of 2009. But the number of pending transactions wasn’t the only thing that was up; there was a 21.4-percent increase in the number of homes that sold in March, with 34 recorded sales compared to 28 in February. While any movement in a positive direction is good news for the Brownsburg real estate market it should be noted that home sales are down 35.8 percent compared to last March’s total of 53 sales. Reaching a 15-month high was the total number of Brownsburg homes for sale, with 291 listings in March versus 255 the previous month—an increase of 9 percent. A 15-month low was reached in December of 2009.

There was good news for sellers in Brownsburg as the average time spent on market dropped nearly 35 percent from 101 days in February to just 66 days in March.  Homes have spent an average of 88.8 days on market over the past 12 months. March’s average was down nearly 36 percent compared to March of 2009.

The sold-list differential was 95 percent. In fact, the this particular metric has never dipped below 95 percent and was only slightly below its 15-month average of 96.5 percent.

There was an 8.6 percent increase in the cost per square foot, with buyers paying $75 compared to $69 in February.  The 12-month average cost per square foot is $71.9.

The average ‘sold’ price of $177,000 was up 6.5 percent over the previous month and up 5.3 percent over the 12-month average of $168,000.

With such a spike as there was in the number of pending sales it’s no surprise that the absorption rate based on pending sales went from 13.3 percent to 19.2 percent.