The Martinsville real estate market showed marked improvement in several key areas in, the least of which was the latest figure for total listings. The total number of homes for sale climbed 10.6 percent, from 226 in February to 250 in March of 2012. While more homes on the market, especially in the current market, is not a good thing, it should be noted that the latest figure is only 0.4 percent above where the market was last year during this same month. In other words, it’s a difference of just 1 listing. There were 16.7 percent fewer homes for sale in Indianapolis versus last year by way of comparison.
A total of 26 closings took place in March, up 30 percent versus the previous month’s total of 20. Even compared to last March this is an increase of 8.3 percent. Also, the average number of closings that took place each month from January through March of this year was up 16.7 percent compared to this same quarter 1 year ago.
Another statistical bright spot was that of total pending sales. There were 26 transactions in the sales pipeline with a ‘pending’ status in March, or 13 percent more, compared to the previous month’s total of 23. This too, represents an 8.3-percent increase versus last March’s total of 24. The average number of pending sales each month from January through March of this year remained unchanged at 21 relative to this same period 1 year ago.
Some other Martinsville Market Stats Worth Noting:
- The average of 135 days that homes spent on the market in Martinsville, Indiana fell 9.5 percent versus the previous month’s average of 148. Compared to last March’s average of 108, however, this represents a 25-percent worsening, at least if you’re a seller. This figure has fallen as low as 86 days and risen as high as 148 days. The 12-month average is 119 days on market.
- The absorption rate based on both closed and pending sales was 10.4 percent. Coincidentally, this is 0.8 percent above last March, when the absorption rate based on both closed and pending sales was 9.6 percent.
- There were 9.6 months of inventory on the market based on both closed sales and pending sales.
- The average active price was $202,000, while the average ‘sold’ price was $122,000.
- The median price was $114,000.
- The average price per square foot was $56.
View other Martinsville Real Estate Market Reports here.