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Home Sales Increase 61.9 Percent in Zionsville in March

Real Estate Report by m.s.Woods Real Estate, LLC. –  The number of pending sales in Zionsville, Indiana dropped 2.8 percent, from 36 in February to 35 in March, 2010. This is also a 12.8-percent decrease from this time last year when there were 40 pending sales.

Meanwhile, the good news for sellers was that there was an increase of 61.9 percent in the total number of homes sold, from 21 in February to 34 in March. Compared to the 29 sales of last March this was an increase of 17.2 percent. This is also a 161.5-percent increase compared to 15 months ago, when just 13 homes sold in January of 2009.

The number of Zionsville homes for sale jumped 14.9 percent, from 289 listings in February to 332 in March. This is just a slight increase over last March’s total of 330 listings.

The average ‘sold’ price for homes on the Zionsville real estate market was $376,000. While this is down just 3.3 percent from the previous month it is up 10.9 percent from the 12-month average ‘sold’ price of $339,800. The average active price in March was $535,000.

Home buyers have always paid a bit more per-square-foot for Zionsville homes compared to homes in other Central Indiana cities. The average cost per square foot was $92 in March compared to $90 a year ago. This is just slightly above the 12-month average of $89.

In other good news for the Zionsville real estate market, the absorption rate based on closed sales increased 2.9 percent, from 7.3 percent in February to 10.2 in March.

As expected, a decrease in the total number of pending sales in March combined with a 14.9 increase in available inventory resulted in a lower absorption rate based on pending sales 10.5 percent in March.