That the Zionsville real estate market was not immune from the chilling effects of winter
could be seen in the latest figures for total sales, specifically closed sales. In January, 2011 there were 10.7 percent fewer homes sold compared to the previous month. But if the big picture matters—and we think it does—then what’s most important is that January’s 25 sales represents a major 127.3-percent improvement over where the Zionsville market was a year ago in January. Even more, the average of 28 sales per month that occurred from November of 2010 through January of 2011 represents a 15.1-percent increase in sales compared to the average of 24 that occurred during this same period 1 year ago.
But what Zionsville lost in closed sales in January it more than made up for in pending sales. There was a 14.3-percent rise in pending sales, from 21 in December to 24 in January. Compared to last January’s total of 26 however, this is a 7.7-percent decrease. Viewed quarterly, from November of 2010 through January of 2011 there were, on average, 25 pending sales per month.
In what is sure to be good news for any seller or real estate professional total inventory shrank by 7.8 percent as there were just 248 Zionsville homes for sale in January, 2011 compared to 269 just one month prior, in December, 2010. What’s more, compared to last January’s total of 282 listings this represents an even bigger decrease of 12.1 percent. From November of 2010 through January of 2011 there were, on average, 270 homes listed for sale, or 5 percent fewer, compared to 285 during this same quarter last year.
Of January’s 248 total listings 56 of these were of the brand-spanking-new kind. In fact, January marked just the second time in 5 months that the number of new listings rose significantly.
But the Westfield market was not without its shortcomings, at least from a seller’s standpoint, as homes spent an average of 121 days on market before finally selling. This is an increase of 12 percent versus the previous month’s average of 108 days, as well as a 23 percent increase versus last January’s average of 98 days on market. But as bad as January was in this regard, it was sure better than last February’s average of 152 days on market! The 12-month average in this statistical category is 110 days.
Some other Zionsville Market statistics:
- January’s average ‘sold’ price of $310,000 was down nearly 15 percent from the previous month’s average of $364,000 albeit down a much slighter 3.1 percent relative to last January’s average of $320,000. Over the past 15 months, on average, homes in Zionsville have sold for no less than $268,000 and no more than $417,000. The 12-month average ‘sold’ price is $338,000.
- The average active price in January rose 4.3 percent, from $551,000 the previous month to $575,000. This is also 6.2 percent above last January’s average active price of $541,000 and nearly 5 percent above the 12-month average of $548,000.
- Buyers fared slightly better with respect to the average price per square foot as homes sold for an average of $88 per square foot in January compared to $93 the previous month—a decrease of 5.3 percent. This is only slightly above last January’s average of $79, albeit 3.2 percent below the 12-month average of $91.The 15-month high and low are $101 and $79 per square foot respectively.
- There were 9.9 months of inventory based on closed sales in January compared to 9.6 months in December. Total inventory based on pending sales also did not change much as there were 10.1 months of inventory compared to 10.4 the previous month.
- The absorption rate based on closed sales was 10.1 percent in January while the absorption rate based on pending sales climbed a bit more, from 7.8 percent in December to 9.7 percent in January, 2011.
- The median price of $245,000 was down nearly 32 percent versus the previous month’s median price of $359,000.