Mooresville Total Pending Sales Total Cut in Half in May, 2010

The total number of Mooresville homes for sale rose 10.5 percent, from 19 in April to 21 in May, 2010. Compared to last May’s total of 158 this was an increase of 7.6 percent. Also on the rise—barely—was the total number of Mooresville homes for sale, from 169 in April to 170 in May. Compared to 158 total listings in May of 2009 this was an increase of 7.6 percent. But alas, as has been the case in every other city in central Indiana that we have thus far reviewed, there was s significant drop in total pending sales in May. From 26 in April to 13 in May the drop was exactly -50 percent. Compared a total of 24 pending sales in May, 2009 this was a -45.8 percent decrease.

The average time spent on the Mooresville real estate market rose nearly 27 percent, from 67 days in April to 85 in May. This was a 6 percent increase over the 12-month average of 80 days on market. While no seller prefers to wait an average of 80 days to sell a home there is at least some consolation in getting as close to 100% of list price as possible. Alas, this did not happen as the average sold-list differential dropped from 97 percent in April to a 12-month low of just 93 percent in May. The 12-month average for this metric is a respectable 95 percent.

Some other pertinent information:

• The average price per square foot in Mooresville, Indiana jumped 25.4 percent, from $59 in April to $74 in May. This was an 8.8-percent increase over the 12-month average of $68 per square foot.
• The average ‘sold’ price jumped a significant 26.2 percent, from $122,000 the previous month to $154 in May. This was also a 17.5-percent increase over the 12-month average of $131,000.
• The average active price dropped a bit, from $208,000 to $201,000. This is 3.6 percent above the 12-month average of $194,000.
• There were 8.1 months of inventory based on closed sales and 13.1 months of inventory based on pending sales.
• The absorption rate based on closed sales rose a bit, from 11.2 percent in April to 12.4 percent in May.
• As expected, there was a much larger percentage drop in the absorption rate based pending sales, from 15.4 percent the previous month to just 7.63 percent in May.