The Martinsville real estate market made significant strides in October, 2012. What was especially surprising about the latest improvements is that they come at a time of year that is normally associated with a seasonally-induced slow-down in market activity. Starting with sales, a total of 37 closings took place in October, up 48 percent versus the previous month’s total of 25. Versus this same month last year, sales were up 27.6 percent. Comparing the average number of monthly closings from September through October of this year relative to this same 3-month period 1 year ago, no change was observed.
Also noteworthy was a 29.2-percent increase in total pending sales, from 21 in September to 31 in October. But not only were pending sales up versus the previous month, compared to October of 2011 they were up nearly 35 percent. There was no change in the average monthly number of pending sales each during the months of August, September and October relative to this same 3-month period in 2011; both quarters showed an average of 30 pending sales per month.
There were 273 homes listed on the Martinsville market in October, down 3.5 percent compared to the previous month’s total of 283. But compared to last October’s total of 260 listings, this is actually an increase of 5 percent. In fact, this 1-year comparison stands in stark contrast to what has been observed in most nearby Central Indiana cities, where a reduction in total listings has been the norm. Finally, from August through October of this year there was an average of 277 homes listed for sale each month, or 1.8 percent more, compared to this same period last year.
Some other Martinsville real estate market stats worth noting:
- Homes in Martinsville spent an average of 104 days on the market in October, or nearly 17 percent more time versus the previous month’s average of 89 days. Compared to last October’s average of 101 days, however, this represents an increase of just 3 percent. Over the past 12 months, homes in Martinsville have averaged no fewer than 74 days on the market, but have averaged as many as 148—ouch! The 12-month average time on market in Martinsville is 115 days.
- There were 7.4 months of inventory based on closed sales and 8.8 months of inventory based on pending sales.
- The average sold-list differential based on original asking price was 89 percent. This is improved versus last October’s figure of 84 percent. The 12-month average is 85.
- The sold-list difference based on final asking price was 94 percent. Versus October of 2011 there was no change. The 12-month average solid-list difference based on final asking price was 95 percent.
- The absorption rate was 13.6 percent based on closed sales and 11.4 percent based on pending sales.
- The average price per square foot was $67. This is down nearly 3 percent versus the previous month’s average of $69. Compared to last October’s $64 average it is a 4.7-percent increase. The 12-month average price per square foot in Martinsville is $67.
- The average ‘sold’ price was $141,000. This is down 8.4 percent versus the previous month’s average of $154,000. Versus 1 year ago, it is down 5.4 percent. The 12-month average ‘sold’ price, including the most recent month, is $145,000.
- The average active price was $193,000. This represents a 5.4-percent decrease versus the previous month’s average of $204,000. Versus 1 year ago, it is down an even greater 9.4 percent. The 12-month average active price in Martinsville is $206,000.
- Of the 273 homes listed for sale, 48 were new listings. This is down 12.7 percent versus the previous month’s total of 55, but up nearly 30 percent versus last October’s total of 37 new listings. The 12-month average number of new homes placed on the market each month is 46.