Westfield Real Estate Report

There was a 29.4-percent increase in the number of homes sold Westfield, Indiana, with 22 homes selling in February compared to 17 the previous month.  This is also a 1.1-percent increase over the 20 homes that sold last February. The total number of pending sales also increased 11.5 percent, going from 26 in January to 29 in February.  There nearly matches last February’s total of 31 pending sales.  The number of Westfield homes for sale increased just slightly over last month’s total of 247 for a total of 250 listings—a mere 1.1 percent increase.

The average time spent on market increased significantly compared to the 15-month record low of 44 days that was set in November of 2009, with homes spending an average of 117 days on market in February, 2010.  This is an 18-percent increase over January’s average of 99 days on market and a 38-percent increase over last February’s average of 85 days.

Some other pertinent stats:

• The sold-list differential remained unchanged at 96 percent compared to February of 2009 albeit down 2 percent versus the previous month.
• Buyers paid an average cost per square foot of $81 in February compared to $80 in January.  This is up 8 percent from last year’s average of $75 and up 4.3 percent over the 12-month average of $77.6 per square foot.
• The median price of $194,000 was down 19.8 percent from last February’s median price of $242,000.
• At $258,000 the average ‘sold’ price was up nearly 19 percent over January’s average of $217,000 albeit down 5.8 from last February’s average of $274,000.
• The average active price of homes for sale on the Westfield real estate market was $300,000 compared to $306,000 last February.
• There was 11.4 months’ worth of inventory based on closed sales.
• There was 8.6 months’ worth of inventory based on pended sales.
• The absorption rate based on closed sales was 8.8 percent.
• The absorption rate based on pended sales was 11.6 percent.