Zionsville Inventory Grows as Total Sales Shrink

With its higher-than-average prices in a less-than-ideal economy the Zionsville real estate market suffered a few setbacks in the April, 2010. The total number of homes sold dropped from 39 in March to 32 in April—a decrease of 17.9 percent. While this is not great news it should be noted that this is still a net increase of 18.5 percent compared to April of 2009. Adding to the disappointment was the total number of pending sales, which dropped 5.4 percent from 37 the previous month to 35 in April. This was also a decrease of 12.5 percent compared to April of 2009. The last thing you want as a seller in a tough market is more listings; but this is exactly what happened in April as there was a 3.6-percent increase in the total number of Zionsville homes for sale. This was also a 1.5-percent increase over last April’s total of 369 listings.

Imagine having to wait 5 months to sell your home: This was exactly the plight of Zionsville, Indiana sellers as homes spent a 15-month high of 152 days on market in February, 2010. Fortunately, there was a 38-percent improvement in this category as homes spent a ‘mere’ 94 days average time on market in April, 2010. The 12-month average for this metric is 96 days.

Some other pertinent stats:

• The average price per square foot of $83 was down 6 percent from the 12-month average of $88.
• The average ‘sold’ price dropped 23 percent, from $354,000 in March to $372,000 in April. The 12-month average at this time, including April, was $334,000.The average active price was down 3 percent, from $535,000 to $547,000 over this same time.
• The absorption rate based on closed sales was 10.8 percent, while the absorption rate based on pending sales was 9.8 percent.
• There were 9.3 months of inventory based on closed sales, while there were 10.2 months of inventory based on pending sales.