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Modest Gain in Greenfield Home Sales in March, 2010

Real Estate Report by m.s.Woods Real Estate, LLC. –  If you’re looking for dramatic lines and curves then you’re not going to find them in this chart. Indeed, what stands out the most is the fact that not much really stands out.  There was only a modest 4.6 percent gain in the number of Greenfield homes for sale in March, with 316 listings versus 302 in February.  This is just a 5.7-percent increase over last year’s total of 298 in March. The increase in total pending sales could also be measured in the single digits at just 5.6 percent over last month for a total of 36. A little more pronounced was the 17.4-percent drop in pending sales compared to March of 2009. Also moving in a mildly negative direction was the number of homes sold, with 26 total sales recorded compared to 28 the previous month. When the rise in pending sales is taken into account there is no net difference between February and March.

One measure of the Greenfield real estate market that did change for the better was the average time spent on market, with homes spending just 79 days in March compared to 123 in February—a drop of 35.7 percent. This is also a drop of nearly 18 percent from the 12-month average of 95 days.

A few other pertinent stats:

  • Sellers in Greenfield, Indiana received a decent 94-percent of list price compared to 93 percent in February.  The 12-month average is 95.3 percent.
  • The average cost per square foot was up roughly 7 percent at $60. This is down nearly 18 percent from the 12-month high of $73 per square foot that was set in September of 2009.
  • The absorption rate based on closed sales was 8.2 percent.
  • There were 12.2 months’ worth of inventory based on closed sales.