The Martinsville real estate market in November while, down in several key indicators, was nevertheless ahead of where it was this same time 1 year ago. Take total sales as an example: Yes, the 23 closings that took place in November represent a 20.7-percent decrease versus the previous month. But compared to last November’s total of 21 this is actually a 9.5-percent improvement. Also, from September through November of this year there were on average a total of 28 closing per month, or 16.7 percent more, compared to this same quarter last year.
There was a similar theme at work for pending sales. For while November’s total of 19 pending sales was down 13.6 versus the previous month it was up 18.8-percent compared to November of 2010. But even better is the fact that there were on average 30 percent more pending sales in the pipeline per month from September through November of this year relative to this same period 1 year ago, when the monthly average was just 20.
While there were 4.1 percent fewer homes for sale in Indianapolis, IN the Martinsville real estate market saw a slightly greater decrease of 5 percent. November’s total of 247 Martinsville listings was also down 2 percent versus this same month in 2010. Also, there were on average just 260 homes for sale per month in Martinsville Indiana from September through November of this year compared to an average of 266 per month during this same quarter last year.
Some other Martinsville Real Estate Market Stats:
- The average price per square foot for Martinsville homes rose 4.7 percent, from $64 in October to $67 in November. While this is 19.6 percent above last November’s average of $56 it is 13.6 percent above the 12-month average price per square foot of $59.
- November’s average time on market of 133 days was 32 percent above that of the previous month. The 12-month average time on market in Martinsville is 111 days.
- The absorption rate based on closed sales was 9.3 percent, while the absorption rate based on pending sales was 7.7 percent.
- There were 10.7 months of inventory based on closed sales and 13 months of inventory based on pending sales.