The not-so-good news for the Mooresville real estate market was that a 3-month trend toward increased sales was broken in April as the total number of homes sold dropped 10.5 percent. The upside to this is that there was a more-than-compensatory 18.2 percent increase in the total number of pending sales, from 22 in March to 26 in April. Compared to April of 2009 this was a 52.9 percent increase in pending sales. Still, the number of new listings out-paced the increase in pending sales by a factor of 8—good news for cost-conscious buyers, not-so-good news for sellers.
But April was not entirely devoid of good news for sellers as the total time spend on market dropped from an average of 101 days in March to 74 days in April—a decrease of nearly 27 percent. This is a 10.8-percent drop from the 12-month average of 83 days, and a 46-percent drop from the mind boggling average of 138 days that homes spent on market in January, 2010.
The average active price of Mooresville homes for sale rose 4.5 percent, from $199,000 in March to $208,000 in April. The average ‘sold’ price also rose 16 percent over this same period, from $105,000 to $122,000. The 12-month average ‘sold’ price is $129,500.
Over the past 15 months the sold-list differential has never dropped below 94 percent and never climbed above 97 percent. In April, sellers realized 96 percent of list–just a half-percent above the 12-month average of 95.5 percent.
Some other pertinent stats:
- Mooresville, Indiana buyers paid an average price per square foot of $59—a 9-percent increase over March but a 13-percent drop from the 12-month average of $68 per square foot.
- There were 10.6 months of inventory based on closed sales and 6.5 based on pending sales.
- The absorption rate based on closed sales was 9.5 percent, while the absorption rate based on pending sales was 15.4 percent.