The Mooresville real estate market was not exactly booming in October of 2011. Starting with total sales, there were 13 percent fewer homes sold in October compared to the previous month. Even worse there were 16.7 percent fewer homes sold versus last October’s total of 24. From August through October of this year there were on average 20 closings per month, or 4.8 percent fewer, compared to this same quarter 1 year ago.
The news in regard to total pending sales was even more disappointing, albeit not entirely unexpected given the time of year. There were 22.2 percent fewer pending sales in October versus the previous month’s total of 18. But compare to last October’s total of 22 this is a far heftier 36.4-percent decrease.
While there were 4.9 percent fewer Indianapolis homes for sale in October versus the previous month, the Mooresville real estate market went the exact opposite direction, as total listings increased 2.4 percent, from 168 in September to 172 in October. But wait: Compared to last October, when there were 181 Mooresville homes for sale, this is a 5-percent decrease.
Some other pertinent Mooresville real estate market stats:
- Of the 172 homes on the market in October 31 were new listings. This all but matches last October’s total of 30 new listings, and is down just modestly versus the 12-month Mooresville average of 35 new listings per month.
- Homes in Mooresville Indiana spent 101 days on the market on average. While nobody wants to wait 101 days to sell a home at least this is an improvement compared to the previous month’s average of 126 days. The 12-month average is 104 days.
- The absorption rate based on closed sales was 11.6 percent, while the absorption rate based on pending sales was 8.1 percent.
- There were 8.9 months of inventory based on closed sales and 12.3 months of inventory based on pending sales.
- The average sold-list differential improved to 97 percent versus the previous month’s average of 95 percent. The 12-month average is 95 percent.
- The average ‘sold’ price was $142,000, while the average active price was $206,000.
- The median price was $129,000.