The Martinsville real estate market saw several statistical improvements in 2012 compared to 2011, even if the extent of these improvements was smaller compared to those of other nearby towns and cities in the Central Indiana area. While most Central Indiana markets underwent a decrease in the number of homes for sale in 2012 compared to 2011, the city of Martinsville saw no change whatsoever. The 2012, year-end total of 3,087 listings matches exactly the year-end total for 2011. In terms of averages, there were 257 homes listed per month for all of 2012 and 2011. However, from October through December of 2012 there were, on average, 250 homes for sale each month, or 0.8 percent more, compared to this same quarter in 2011.
One area of significant improvement came in the form of an 8-percent increase in the number of closings that took place in 2012 compared to 2011. The 2012 total of 326 sales represents a net increase of 30 compared to the 2011 total of 296. This translates to a monthly average of 27 sales per month for all of 2012 compared to 25 sales per month for all of 2011. Also, during the final quarter of 2012 there were, on average, 31 closings per month, or 29.2 percent more, compared to this same quarter in 2011.
The numbers for total pending sales also looked much better in 2012. A total of 341 pending transactions were reported in 2012 compared to just 296 2011. On average, 28 pending sales were reported each month for all of 2012, 7.7 percent more, compared to 26 per month for all of 2011. And, from October through December of 2012, there were on average 29 pending sales per month, of 45 percent more, compared to this same 3-month period at year’s end in 2011.
Some other pertinent Martinsville real estate market stats:
- Of the 3,087 homes listed for sale for all of 2012, 549 were new listings. Contrast this to the year 2011, when 598 of the 3,087 homes on the market were new listings.
- Average time on market was not a strong point in Martinsville in 2012. The 115-day average for all of 2012 represents a slight increase over the 2011 average of 114 days.
- The sold-list difference based on original asking price for all of 2012 compared to all of 2011 was unchanged at 86 percent. Based on final asking price, the sold-list difference was up 2 percent, from 94 percent in 2011 to 96 percent in 2012.
- The average price per square foot in 2012 was $$64. This represents an 8.5-percent increase over the 2011 average of $59.
- The average ‘sold’ price of $150,000 was up 14.5 percent over the 2011 average of $131,000.
- The average active price was $204,000 in 2012. This represents a 2.9-percent decrease versus the 2011 average of $210,000.
- The absorption rate based on closed sales averaged 10 percent for all of 2012. This is up by 1 percentage point versus the 2011 average of 9 percent. Meanwhile, the average absorption rate based on pending sales was 11 percent for all of 2012, also up 1 percent versus the 2011 average.
- On average, there were 10 months of inventory on the market at any given time based on closed sales in 2012. Based on pending sales there were, on average, 10 months of inventory in 2012, down 1 percent versus 2011.