Real Estate Report by m.s.Woods Real Estate, LLC. – The Martinsville real estate market continued its rise from the winter doldrums with increases in two key metrics: homes sales and pending sales. There was a 34.8-percent increase in the number of pending sales, with 31 in March versus 14 in February.
Pending sales were up as well compared to this same time a year ago, 24 percent to be exact. Increased market activity was also evident in a 21.4-percent rise in home sales compared to the previous month. Sales were up 6.3 percent over March of 2009.
What had been a 5-month decline in the total number of listings abruptly reversed course in March as the number of Martinsville homes for sale rose 14.5 percent, from 249 to 285. But while listings are up relative to the most recent couple of months they are still down 5.9 percent relative to March, 2009.
Over the past 15 months homes in Martinsville, Indiana have spent fewer than 90 days on market only twice: June (’09) and December (’09). Over this period of observation homes have spent as many as 143, and as few as 80, days on market. The total for March was right at 102 days.
A few other pertinent stats:
- The sold-list differential for Martinsville homes was a very respectable 98-percent. The most recent 12-month average, including March, was 95.75 percent.
- At $57, the price per square foot in March did not stray far from its 12-month average of $57.50.
- The average ‘sold’ price fell 12.5 percent from $160,000 in February to $140,000 in March. The 12-month average ‘sold’ price was 136,600.
- The average active price was $208,000.
- The absorption rate based on closed sales was 6 percent.
- The absorption rate based on pending sales was 10.9 percent—something to be expected given the rise in the number of pending sales.
- There were 16.8 months of inventory based on closed sales; however, there were just 9.2 months’ worth based on pending sales.