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Martinsville Real Estate Market Rumbles Ahead in April

Since falling into the gutter with just 13 sales in January of 2010, Martinsville home sales have continued on a more or less linear path of improvement, rising from 14 sales in February to 22 in March, and most recently, to 31 in April. This is a remarkable 120-percent improvement since January and a 40.9-percent improvement versus March, 2010.  Compared to April of 2009 this is a 29.2-percent improvement.

As if these increases in home sales weren’t good enough, the total number of pending sales in Martinsville also jumped from 25.7 percent, from 35 in March to 44 in April. This stat is even more impressive considering there were just 29 pending sales in April, 2009—an increase of 51.7 percent.

Also on the rise was the total number of Martinsville homes for sale; with 285 homes listed in March compared to 296 in April there was a very modest increase of just 3.9 percent. Compared to 306 listings last April this is actually a 3.3-percent decrease—another sign that the Martinsville real estate market is moving in the right direction overall.

One statistical category that left a little to be desired was the average time spent on market, as homes spent an average of 105 days on the market in April compared to 86 the previous month. Still, this was down from the most recent 12-month average time on market of 104 days.

Some other pertinent stats:

  • In April, 2010 buyers paid an average of $61 per square foot for homes in Martinsville, Indiana. This is a 5.1-percent increase over the 12-month average of $58 per square foot.
  • The average ‘sold’ price was down almost 9 percent, from $135,000 in March to $ 123,000 in April.
  • The absorption rate based on closed sales rose from 7.7 percent in March to 10.5 percent in April, while the absorption rate based on pending sales rose from 12.3 to 14.9 percent.
  • There were 9.5 months of inventory based on closed sales in April while there were 6.7 months’ worth based on pending sales.