The Mooresville real estate market showed some very healthy signs in October, 2012. Normally, October is the time of year when colder temperatures bring with them an overall slowing of activity. But not this time. Versus the previous month, sales climbed 33.3 percent, reaching a total of 28 when all was said and done. But even more encouraging is the fact that this represents a 40-percent improvement versus this same time 1 year ago. Moreover, from August through October of this year, on average, a total of 26 closings took place each month, or 30 percent more, compared to this same quarter 1 year ago.
Total pending sales also breathed new life into the Mooresville market as the most recent total of 25 pending transactions rose 19 percent over the previous month. But most impressive is the fact that this represents a huge 66.7-percent increase over this same month in 2011. In yet another comparison, there were 24 pending sales logged each month, on average, during the months of August, September and October of this year, 33.3 percent more, compared to this same quarter last year.
Anyone trying to sell a home in Mooresville had to be pleased by the fact that there was nearly 16 percent less competition to reckon with in October. Versus this same month last year, the most recent total of 132 listings represents a very substantive decrease of 23.3 percent in total inventory. And, from August through October of this year, there were, on average, 146 homes on the market each month, or 14.1 percent fewer, compared to this same 3-month period 1 year ago. Fewer homes on the market can only help average prices if this trend holds steady relative to overall demand.
Some other pertinent Mooresville real estate market stats:
- Sellers realized a respectable sold-list difference of 92 percent, on average, based on original asking price. This compares very favorably to other nearby Central Indiana towns and cities. As a percent of final asking price the average sold-list difference was 96 percent. The running 1-year averages for both these stats are 90 and 96 percent respectively.
- Mooresville homes were averaging 95 days on the market in October. This is down 22.8 percent versus the previous month’s average of 123 days. This has not been one of the strong points of the Mooresville market over the past 12-months. For example, over this time frame, average time on market peaked at a mind-numbing 200 days in March of 2012. Homes have averaged no fewer than 85 days over this same time. Patience is definitely a virtue among Mooresville sellers!
- There were 4.7 months of inventory based on closed sales and 5.3 months of inventory based on pending sales.
- The average active price of $184,000 was down 6.6 percent versus the previous month’s average of $197,000. Versus last October’s average of $206,000 this is a 10.7-percent decrease. The 12-month average active price in Mooresville is $198,000.
- The average ‘sold’ price was $181,000. This is down only barely versus the previous month’s average of $182,000, even though it is up a substantial 27.5 percent versus last October’s average of $142,000. The 12-month average ‘sold’ price in Mooresville is $181,000.
- The average price per square foot was $74. This is down nearly 4 percent versus the previous month’s average of $77. Versus last October’s average it is unchanged. The 12-month average price per square foot in Mooresville is $75.
- The absorption rate was 21.2 percent based on closed sales and 18.9 percent based on pending sales.
- Of the 132 homes listed for sale in October, 27 were new listings. This represents a substantial reduction of 32.5 percent versus the previous month’s total of 40, and a 15.6-percent decrease versus last October’s total of 32.