The Martinsville real estate market saw a significant, 44.4-percent increase in sales, as a total of 26 closings took place in May of 2012 compared to the previous month’s total of just 18. The only downside to this stat is the fact that it is a 3.7-percent decrease compared to May of 2011. That said, an average of 24 closings took place each month from March through May, which represents a 9.1-percent improvement over this same quarter in 2011.
Another area of improvement was that of total pending sales. May’s total of 33 represents a 22.2-percent increase over April’s total of 27. Even better, it is a 50-percent increase over last May’s total of 22. And the per-month average of 30 pending sales that were logged from March through May of this year represents a more-than-decent 20-percent increase over this same 3-month period 12 months ago.
While there were 1.1 percent more homes listed for sale in May, compared to last year’s total of 269 the most recent figure represents a 4.9-percent decrease in total listings. And the monthly average of 262 homes for sale, from March through May of this year, represents a very slight 0.8-percent decrease versus this same 3-month period 12 months ago. Of the 269 homes for sale in May, 59 were new additions to the Martinsville market. This is down 10.6 percent from last May’s total of 66. The 1-year average number of new listings is 47 per month.
Some other interesting Martinsville real estate market statistics:
- Many sellers no doubt breathed a sigh of relief as Martinsville homes spent an average of 79 days on the market in May, a huge 41-percent improvement over the previous month’s average of 134 days, which by the way, is exceeded in the past 12 months only by the 148-day average that belonged to the month of February. The 12-month average time on market in Martinsville is 116 days.
- Martinsville homes went for an average of 88 percent of their original asking price, and 96 percent of final asking price. These are improvements of 5 and 1 percent respectively versus May of 2011.
- The average ‘sold’ price was $153,000. This is a substantial 36.6-percent increase over last May’s average of $112,000. It is also up nearly 12 percent versus the 12-month average ‘sold’ price of $137,000.
- The average active price was $208,000. This is down just a bit versus both last May’s average of $210,000, and the 12-month average of $212,000.
- The absorption rate based on closed sales was 9.7 percent, while the absorption rate based on pending sales was 12.3 percent.
- There were 10.3 months of inventory based on closed sales and 8.2 months of inventory based on pending sales.
- The average price per square foot was $58. This is down 13.4 percent versus the previous month’s average of $67, but up 7.4 percent versus last May’s average of $54. The 12-month average price per square foot in Martinsville is $60.
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