A quick glance at the latest figures for the Mooresville real estate market and it would be easy to characterize May of 2012 as a bad month. But a closer look shows this is not necessarily the case, at least not with respect to 3 key indicators. Yes, it is true that total sales fell by 3 percent relative to the previous month. But the 32 closings that took place in May represents a significant 33.3-percent increase when compared to last May’s total of just 24 closings. Also, from March through May of this year there were, on average, 26 closings per month, or 23.8 percent more, compared to this same period 1 year ago.
There was a similar, albeit far less pronounced theme insofar as concerns pending sales. May’s total of 30, while 9.1 percent below that of the previous month, nevertheless, represents a 7.1-percent versus 12 months ago. Also, the monthly average of 32 pending sales logged each month, from March through May of this year, represents a 23.1-percent increase in pending sales compared to this same quarter in 2011, when the per-month average was just 26.
The Mooresville market saw a 3.4-percent decrease in the number of homes for sale, from 178 in April to 172 in May. Compared to last May this is a 3.9-percent decrease in total listings. The average number of homes listed for sale each month from March through May of this year was unchanged from this same period 1 year ago. Of the 172 homes on the Mooresville market, 37 came in the form of new listings. This is up 19.4 percent versus last May’s total of 31. It is also up just a bit versus the 12-month average of 35.
Some other Mooresville real estate market stats worth noting:
- Homes spent an average of 120 days on the market in May, up 41.2 percent versus the previous month’s average of 85 days—no doubt to the chagrin of sellers and real estate agents. But as bad as it is to wait an average of 120 days to sell a home, it sure beats having to wait an agonizing 200 days, as did sellers in March of 2012. The 12-month average time on market in Mooresville is 128 days.
- The average ‘sold’ price was $154,000. This is down 8.3 percent versus the previous month, and up 9.2 percent versus last May’s average of $141,000. The 12-month average ‘sold’ price is $150,000.
- The average active price was $204,000. This is down nearly 2 percent versus last May’s average of $208,000, albeit up 1.5 percent versus the 12-month average active price of $201,000.
- The sold-list differential based on original list price was 93 percent, while the sold-list differential based on final list price was 97 percent. These are increases of 4 and 2 percent versus their respective 12-month averages.
- The absorption rate based on closed sales was 18.6 percent, while the absorption rate based on pending sales was 17.4 percent.
- There were 5.4 months of inventory based on closed sales and 5.7 months of inventory based on pending sales.
- The average price per square foot was $79. This is 9.7 percent above the 12-month average price per square foot in Mooresville of $72.
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