2012 was a good year for the Central Indiana real estate market, as towns and cities everywhere saw significant improvements in several key stats, particularly closed sales, pending sales and listings. As concerned Mooresville, there was a lot to like. For starters, the Mooresville market enjoyed a 20-percent increase in total sales as a total of 282 closings took place in 2012 compared to just 234 in 2011. Monthly, 24 closings took place on average in 2012 compared to 20 per month on average in 2011. From October through December of 2012, an average of 25 closings took place each month compared to just 16 per month during the final quarter of 2011. This equates to a huge, 56.3-percent increase. In all, there were 48 more homes sold in 2012 versus 2011.
Total pending sales were also up, as a total of 281 transactions were reported by year’s end in 2012 compared to just 237 at year’s end, 2011. This translates to an average of 23 pending sales each month, or 15 percent more, compared to this same quarter in 2011. Perhaps most striking was a 35.7-percent increase in the average number of pending sales reported during the last quarter of 2012 compared to this same quarter in 2011, or 19 versus 14 respectively.
As you are not doubt well aware, the market has suffered from an excess of inventory ever since the 2008 crash. Fortunately, the Mooresville real estate market saw a 7.6-percent decrease in the total number of homes listed for sale, as there were 1,878 homes on the market in in 2012 compared to 2,038 homes for sale in 2011. On average, there were 170 homes for sale per month for all of 2012, or 7.6 percent fewer, compared to 157 per month for all of 2011. In sum, there were 160 fewer listings in 2012 compared to 2011. And, from October through December of 2012 there were nearly 18 percent fewer homes on the market compared to the final quarter of 2011.
Some other relevant Mooresville real estate market stats:
- Average time on market was not a strong point for the Mooresville market, as homes spent an average of 119 days on the market in 2012 compared to an average of 106 days in 2011. This represents a 12.3-percent increase overall—not great news for anyone trying to sell a home.
- Looking at the sold-list difference based original asking price there was not change whatsoever, as sellers realized an average of 90 percent in 2012 and 2011. As a percent of final asking price, the sold-list difference was also unchanged in 2012 versus 2011 at 96 percent.
- The average price per square foot was up 11.8 percent, from $68 in 2011 to $76 in 2012.
- The average ‘sold’ price for 2012 of $160,000 was up 14.3 percent versus the 2011 average of $140,000. Whereas the average active price for homes in Mooresville decreased 3 percent, from $198,000 in 2011 to $192,000 in 2012.
- The absorption rate based on closed sales was 15 percent in 2012, up 4 percent versus the 2011 average of 11 percent. The absorption rate based on pending sales was also 15 percent in 2012, up 3 percent versus 2011.
- On average, there were 8 months of inventory based on closed in 2012, and 7 months of inventory based on pending sales.
- The 2012 median price was $119,000. This is up 12.3 percent versus the 2011 median price of $106,000.