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Mooresville Real Estate Market Has the Right Stuff in June, 2010

Just one month prior, the Mooresville real estate had suffered the largest single decrease in pending sales in 15 months, falling nearly 52 percent. In June, 2010 it proved quite resilient as total pending sales rebounded a surprising 25 percent. While this is down 13 percent from June of 2009 it is also taking into account the recent expiration of the federal tax credit for new home purchases.

Unlike many less fortunate central Indiana cities Mooresville actually saw a gain in closed sales. Total sales rose 18.2 percent, from 22 in May to 26 in June. This is quite unexpected given the aforementioned events of the preceding month. Even compared to last June’s total of 24 sales it’s an increase of 8.3 percent.

But the real value of an increase in sales, from a current market perspective, is undermined by any increase in total listings. This wasn’t a problem as the total number of Mooresville homes for sale dropped 0.6 percent, from 170 in May to 169 in June. While this may not sound like much per se, the most important thing is that listings did not rise. The same cannot be said for other less fortunate towns.

Some other pertinent stats:

  • After reaching a 15-month high of 138 days in January of 2010, the average time on market in Mooresville has fluctuated between averages of 59 and 101 days. In June, homes spent an average of 83 days on market—roughly 5 percent above the 12-month average of 79 days.
  • After dropping to a 12-month low of just 93 percent in May, 2010 the sold-list differential rebounded in June to an average of 95 percent. The 12-month average is also 95 percent.
  • Over the past 15 months the average price per square foot has been as low as $54 (March, 2010) and as high as $81 (April, 2009), with the average being $68. It fell 9.4 percent from the previous month’s average of $74, reaching $67 in June.
  • The average active price rose of $157,000 was 2.6 percent above the previous month’s average of $153,000 and 18.9 percent above the 12-month average of $132,000.
  • There were 6.5 months of inventory based on closed sales and 8.5 months based on pending sales.
  • The absorption rate was 15.4 percent based on closed sales and 11.8 percent based on pending sales.
  • The average active price of $206,000 was 5.6 percent above the 12-month average of $195,000.
  • The median price was $151,000.