Mooresville Real Estate Market Makes Strides in March, 2011

The Mooresville real estate market made some strides in March of 2011. Actually, maybe “baby steps” might be a more appropriate description. Starting with total listings, there were 1.8 percent fewer homes on the market in March compared to February, or 164 versus 167 respectively. Fewer homes on the market is probably not a bad thing considering that it is already a buyer’s market. Compared to March of 2010, however, there were 7.2 percent more homes on the market. And from January through March of 2011 there were, on average, a total of 167 Mooresville homes for sale per month versus this same quarter 1 year ago, when the average was 147 listings per month.

There were slight-but-definite improvements in both total and pending sales as well. Total sales climbed 16.7 percent as there were 21 closings in March compared to just 18 the previous month. This is also unchanged from March of 2010. The 3-month period from January through March of 2011 saw 5.9 percent more homes sold on a monthly basis compared to this same period 1 year ago, when there were, on average, a total of 17 homes sold per month.

Moving on to pending sales, there were 24 transactions in the pipeline with a “pending” status in March, or 4.3-percent fewer, compared to the previous month’s total of 23—a difference of just 1 but a difference nonetheless. Versus last March’s total of 21 pending sales this is a 14.3-percent increase. From January through March of 2011 there were, on average, a total of 20 pending sales per month compared to this same period 1 year ago.

Other Mooresville real estate stats:

• The absorption rate was 12.8 based on closed sales and 14.6 based on pending sales.
• There were 7.8 months of inventory based on closed sales and 6.8 months of inventory based on pending sales.
• The median price in Mooresville Indiana was $135,000.

For up-to-date stats, including illustrative charts and graphs, please visit the 2-year Mooresville real estate market statistics report here. View original article here.