The year-to-date home sales data in Northwest Indiana reflect some stability in the market.
According to the reports generated from the GNIAR MLS and Rappatoni system thru October 12, 2009, Porter County and Valparaiso home sales are both holding firm at the median house price levels. While Valparaiso's median house price dropped slightly from $187,000 to $183,700 from 2008 to 2009, Porter County's median price was statistically unchanged at $168,000.
Sellers still need to show patience with the selling process and price right from the start, as Days on the Market are going up in all price ranges. The number of single family detached home sales in Porter County has dropped 18% to 998 units, while falling only 12% to 545 units in Valparaiso year-to-date.
There seems to be a little disconnect in desired home size, as active listings offer more square footage than the average sale. This may be supporting the downsizing trend that America seems to be in with the challenging economic times. Many buyers seem to be looking for nicely done homes with lower maintenance, utility, and tax bills as disposable income has decreased--and buyers in Northwest Indiana seem to be following that trend. However, part of this difference can be also attributed to longer days-on-market for larger homes in the higher price ranges.
Market trends continue to indicate that homes at and below median house price in Northwest Indiana are still selling relatively well, while those at higher price ranges continue to face slow demand.
As licensed REALTORS, we continue to remind you that listing and selling your home should be viewed by sellers as a beauty contest and price war. Data indicates that homes in the top 1/3 of condition and bottom 1/3 of price are the homes that are selling. Sellers should aim to be aggressive to capture the smaller pool of buyers available in today's market.
For more information on this and other real estate related topics, contact Matt Evans, Keller Williams Realty at 219-241-8401 or matt@themattevansteam.com
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