Martinsville Real Estate Report

Unlike a majority of other Central Indiana cities the total number of homes sold in Martinsville, Indiana did not increase with the onset of spring, but instead held steady at 13.  This, however, doesn’t take into account the significant jump in the total number of pending transactions from 14 in January to 25 in February– a 25 percent increase over last year’s February total of 19 pending sales.  The number sold in February is down almost 30 percent compared to last February.  The total number of Martinsville homes for sale also dropped from 258 in January to 249 in February.  This is down around 17.5 percent from the 302 homes that were listed for sale last February.

Homes spend an average of 94 days on the market compared 112 days the previous month.  While this is less than idea for home sellers it is still down over 12 percent from the most recent 12-month average of 107 days on market.  Sellers received, on average, 94 percent of their asking prices compared to 97 percent in January.  While this matched the figure for February of 2009 it is still down a bit from the 12-month average of 95.6 percent.

Buyers paid an average of $57 per square foot compared to $55 the previous month. This is up 16 percent from February of 2009 and exactly in line with the 12-month average of $57 per square foot.  The Martinsville real estate market bore an average ‘sold’ price of $163,000 compared to $143,000 the previous month and $107 in February of 2009. Overall, the average ‘sold’ price for February was up approximately 18.6 percent over the 12-month average ‘sold’ price of $132,600.