After hitting a 15-month low of 222 in January, 2012, the total number of Martinsville homes listed for sale continued to rise for the 4th consecutive month, most recently hitting a total of 280 in June, 2012. This was no doubt a concern to anyone trying to sell a home, since it represents even more competition in what is most decidedly a buyer’s market. June’s total of 280 listings represents a 4.1-percent increase versus the previous month’s total of 269. Also, compared to June of 2011, this is a 1.4-perent increase to listings. In yet another comparison, there were on average 272 homes for sale each month from April through June of this year, which is 0.4 percent below the average for this same period 1 year ago.
Another area of disappointment concerned total sales. June’s total of 31 closings, while 10.7 percent above the previous month’s total of 28, nevertheless represents a 13.9-percent decrease when compared to this same month 1 year ago. The average number of closings each month, from April through June of this year, was unchanged at 26.
But perhaps the biggest disappointment concerned pending sales. It was not looking great as June’s total of 24 pending sales represents a 38.5-percent decrease relative to the previous month’s total of 39. Nearly as bad, this is a 36.8-percent decrease when compared to last June’s total of 38 pending sales. And from April through June of this year there were, on average, 30 pending sales each month, which is exactly unchanged versus this same period 12 months ago.
Other Martinsville real estate market stats of interest:
- After improving dramatically just one month prior, the average time spent on market in June climbed yet again, most recently to 114 days, making for a worsening of nearly 33 percent compared to the previous month’s average of 86 days. But as bad as a 114-day average is, it is nothing compared to the painful, 15-month high of 148 days that belonged to February of this year! The 12-month average in Martinsville is $119 days.
- The absorption rate based on closed sales was 11.1 percent, while the absorption rate based on pending sales was 8.6 percent.
- There were 9 months of inventory based on closed sales and 11.7 months of inventory based on pending sales.
- The average active price was $199,000, while the average ‘sold’ price was $189,000.
- The average price per square foot was $78.
- The median price was $175,000.
View other Martinsville Real Estate Market Reports.