Martinsville Pending Sales Continue Slide in June, 2010

If there was anything redeeming about the fact that total pending sales in Martinsville, Indiana decreased 28.6 percent in June, 2010 it had to be the fact that it was not as large as the 45-percent decrease that occurred in May, when 22 pending transactions vacated the pipeline. In June, there were 28 pending sales versus the previous month’s total of 20. Relative to June, 2009 there were 33.3 percent fewer pending sales.

On the bright side, total closed sales in June rose 2.9 percent—i.e., there was 1 more sale in June, or 36, compared to the previous month’s total of 35. But let us not forget that where we are now, and where we are going, is entirely relative to where we’ve been. When this same data is viewed just 1 year removed from June of 2009, it translates into an even larger increase of 71.4 percent.

Surprisingly, total listings grew by just 1.3 percent, from 300 in May to 304 in June. As a matter of fact, June marked the 4th consecutive month that total listings have increased. Whether this total will eventually reach or exceed the 15-month high of 326 Martinsville homes for sale that occurred in September of 2009 remains to be seen. If more pending sales aren’t added to the pipeline soon, it must be considered a very possibility. Attention Martinsville real estate agents: It may be time to go the extra mile!

After falling from a total of 98 days in April to just 82 in May the total time spent on market rose 25.6 percent in June to an average of 103 days. Over the past 15 months there have been some gaudy numbers in this statistical category, like when homes spent an average of 142 days on market in April of 2009 and then proceeded to exceed this by an average of 1 day in September, 2009. Over the past 15 months, homes in Martinsville have never spent fewer than 80 days on market on average.

Some other pertinent info:

  • The average sold-list differential dropped to a 15-month low of just 92 percent in June. This comes as somewhat of a surprise considering that this figure has averaged 96 percent over the past 12-months and finished at 97 percent just one month prior, in May.
  • The average price per square foot dropped 10 percent, from $60 in May to $54 in June. Prior to this, a 15-month high of $69 and 15-month low of $46 occurred back-to-back in November and December of 2009 respectively.
  • The average ‘sold’ price rose 2.3 percent, from $130,000 in May to $133,000 in June. The 12-month average is $130,000.
  • There were 8.4 months of inventory based on closed sales and 15.2 months based on pending sales. Ouch!
  • The absorption rate based on closed sales was 11.8 percent and 6.6 percent based on pending sales.
  • The average active price of $213,000 was nearly 4 percent above the 12-month average of $205,000.
  • The median price was $91,000.