Martinsville Real Estate Inventory Up as Sales Fall in May, 2010

While there were more homes for sale there were fewer actual sales in Martinsville, Indiana in May, 2010. While this is a good statistical combination if you’re a buyer, it’s probably not such a good one for sellers. The total number of Martinsville homes for sale rose 1.4 percent, from 296 listings in April to 300 in May. Compared to last May’s total of 311 listings, however, this was a 3.5-percent decrease. But while the total number of listings was on the rise, the total number of sales was dropping 2.9 percent. But the most precipitous fall came in the total number of pending sales, with 24 in May compared to 48 the previous month. At least compared to May of 2009 this was a 26.3-percent increase in pending sales.

Residential Martinsville real estate spent an average of 82 days on market, down 16.3 percent from the previous month’s average of 98 days. The 12-month average time on market is an even 100 days.

But if you had to wait an average of 100 days to sell your home in Martinsville then at least you could take consolation in the statistical fact that you received an average of 97 percent of list price. Indeed, over the past 12 months the sold-list differential in Martinsville has never dropped below 95 percent, and has averaged 96 percent.

Some other Pertinent Stats:

  • The average price per square foot remained unchanged from April’s total of $60. The 12-month average is $57.
  • The average ‘sold price rose 11 percent, from $117,000 the previous month to $130,000 in May. The 12-month average is $133,000.
  • The average active price rose 3.8 percent, from $209,000 to $217,000. The 12-month average is $204,000.
  • There were 9.1 months of inventory based on closed sales and 12.5 months of inventory based on pending sales.
  • The absorption rate based on closed sales barely budged, dropping from 11.5 to 11 percent.
  • The absorption rate based on pending sales, on the other hand, moved significantly—albeit in the wrong direction—from 16.2 percent in April to 8 percent in May.
  • The median home price of $125,000 was up 4.1 percent over the 12-month average of $120,000.