The Martinsville real estate market showed some resilience in January, as sales improved compared to last year. But first the bad news: Total sales in January fell 20 percent versus the previous month’s total of 20. But this is hardly unexpected considering January has historically been a very slow time of year for the Central Indiana real estate industry as a whole, not to mention Martinsville. The good news: January’s total of 16 sales represents a 45.5-percent improvement versus January of 2011. Also, from November of 2011 through January of this year the average number of closings per month climbed 17.6 percent versus this same period 1 year ago, or 20 versus 17 respectively.
While total pending sales were down 23.5 percent versus the previous month’s total of 17, at least there was no decrease in this statistical category. In the current economic backdrop, no bad news is good news. One positive stat: The average number of pending sales logged on a per-month basis rose 21.4 percent compared to this same quarter last year.
An especially positive development was that there was just 222 homes for sale in Martinsville, or 6.3 percent fewer, compared to the previous month’s total of 237. Compared to January of 2011, however, this actually represents a 1.4-percent increase. By contrast, real estate for sale in Indianapolis fell 2.4 percent versus the previous month and 17 percent versus 1 year ago. Finally, the average number of homes listed for sale in Martinsville Indiana rose 2.2 percent compared to this same period last year.
Some other Martinsville Real Estate Market Statistics:
- Homes in Martinsville spent an average of 118 days on the market in January, making it a 1.6-percent improvement over the previous month’s average of 120 days. But as bad as this was, it was a vast improvement over the painfully long 146-day average that belonged to last February. Homes in Martinsville spent an average
- Homes went for an average of 74 percent of original list price, and an average of 96 percent of final list price. The 12-month averages for these two figures respectively are 85 and 94 percent. The averages for these two figures 1 last January were 92 and 95 percent respectively.
- The absorption rate was 7.2 percent based on closed sales and 5.9 percent based on pending sales.