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Marion County Pending Sales Up 5.4 Percent in August, 2010

Since bottoming out at 6,823 in December of 2009 the total number of homes for sale in Marion County climbed steadily in the successive months, reaching a 15-month high of 8,148 in July of 2010. Not until the following August did this figure finally drop as total listings fell to 8,065, making it a 1 percent decrease overall. Compared to last August’s total of 7,669 listings is a 5.2-percent increase. Nevertheless, any decrease in total listings, in this market, is a good thing.

While the total number of homes sold in Marion County dropped 10.5 percent, from 745 in July to 667 in August this was nowhere near as bad the 33.7-percent drop that occurred in July, 2010, when sales fell from 1,125 to 745. Compared to August of 2009 total sales were down 36.5 percent.

While total Marion County pending sales rose 5.4 percent, from 743 in July to 783 in August, this was still a decrease of 32 percent compared to last August’s total of 1,151. At least the 46-percent plunge that occurred in May, 2010 is how a distant memory.

The average active price dropped only slightly, from $157,000 in July to $156,000 in August. In fact, over the past 15 months the average active price in Marion County has fallen only 4 percent. While the average ‘sold’ price fell 3.4 percent, from $118,000 in July to $114,000 in August it was actually up 5.5 percent from last August’s average of $108,000.

Some other statistical tidbits:

  • Buyers saved an average of 3.5 percent as the average price per square foot fell from $57 in July to $55 in August. This is down only slightly from last August’s average price per square foot of $56. The 12-month average is $55.
  • The average ‘sold-list’ differential dropped from 96 percent to 94 percent. This is down just a bit from the 12-month average of 95 percent. In fact, over the past 15 months this figure has never dropped below 94 percent.
  • Since reaching a 15-month high of 87 days in both January and February of 2010 the average time spent on market has steadily declined from month to month, most recently checking in at 79 days.
  • The total months of inventory based on closed sales rose from 10.9 in July to 12.1 in August. The 12-month average is 8.8 months. Meanwhile, total inventory based on pending sales over this same period dropped from 11 to 10.3. The 12-month average is also 8.8.
  • The absorption rate based on closed sales dropped from 9.1 percent to 8.3 percent—well under the 12-month average rate of 12 percent. The absorption rate based on pending sales rose from 9.1 to 9.7 percent—also well below the 12-month average of 12.1 percent.
  • The median home price for homes in Marion County fell from $90,000 to $86,000. This is just 6.5 percent below the 12-month average median price of $92,000.