Mooresville Home Sales Unchanged for 3rd Straight Month

Real Estate Report by m.s.Woods Real Estate, LLC. –  When it comes to home sales, the Mooresville real estate market has been a model of consistency since December of 2009. For the third straight month the total number of homes sold has remained unchanged at just 16 sales.  Compared to March of 2009, however, sales were down 30.4 percent.

Fortunately, there was a 17.6-percent increase in the number of pending sales, with 20 pending sales in March compared to 17 the previous month. The total for March was unchanged from March, 2009.

Eight new listings were added to inventory as the number of Mooresville homes for sale increased 5.5 percent. Compared to March of 2009 this is a 17.7-percent increase.

There have been wild fluctuations in the average time spent on market from one month to the next. Homes in Mooresville, Indiana have spent as few as 47 and as many as 120 days on market over the past 15 months. Our most recent one-month comparison illustrates this statistic quite nicely, as homes spent an average of 108 days on market in March of 2010 compared to 63; an increase of 71 percent.

Unlike the measure of time-on-market, the sold-list differential has been much less volatile over the past year. Buyers paid an average of 97 percent of list in March compared to 95 percent a year ago.  The most recent 12-month average sold-list differential, which includes the month of March, is 95.1 percent.

While February came close to matching a 15-month low set in January of 2009, the price per-square-foot rebounded to reach $58 in March. A 12-month high of $81 per square foot was set in April, 2009. Obviously, things still favor home buyers in this regard.

A few other pertinent stats:

  • The average ‘sold’ price of $112,000 was up slightly from February’s average of $109,000.
  • The market absorption rate based on closed sales was 10.5 percent.
  • There were 9.6 months of inventory based on closed sales.