Market Report: West Lafayette, Indiana homes for sale/sold in 2011
Out of a total of 153 homes for sale in West Lafayette that closed in 2011, there were only 4 foreclosures in the the West Lafayette city school district.
Foreclosures in homes for sale in West Lafayette, Indiana accounted for fewer than 3% of the total sales in 2011 in home sales within the West Lafayette Community Schools system.
The average sales price of a West Lafayette home declined by 5.4% in 2011 compared to 2010, while the median sales price dipped 4.7% from 2010.
*** 3 Bedroom and 4 bedroom houses for sale in West Lafayette that closed in 2011 had a decline of almost 9% in average sales price in 2011 from the previous year.
*** West Lafayette 5 Bedroom homes for sale that closed in 2011 had an average INCREASE in sales price by almost 1% from 2010.
There has been an increase in the amount of homes that sold in West Lafayette at the low end of the sales market in West Lafayette in the last three years:
SELLERS OF HIGH END HOMES in West Lafayette have been withholding their homes from the market in SIGNIFICANT numbers since 2009!
*** Sales of high end homes in West Lafayette over $400,000 have decrease FIVEFOLD since 2009!
*** Sales of all homes sold in West Lafayette over $300,000 have declined by 44% since 2009.
When taken into full context the West Lafayette housing market has been on an UPWARD TREND up till 2009.
There has been a slight pull back in the average and median sales prices of about 5% each of the last two years.
The long term outlook for home sales in West Lafayette within the West Lafayette city schools has been an upward trend until 2009.
*** There has been an increase in the number of homes selling at the low end of the West Lafayette market, but foreclosures are not a factor!
*** Less than 3% of the homes for sale in West Lafayette that closed in 2011 were foreclosures.
*** There has been a SIGNIFICANT drop in the number of high end homes brought to market in West Lafayette in the last two years and that has pulled the average sales price DOWNWARD.
*** There has been a 3 month supply of homes in West Lafayette as buyers are snapping up homes priced right in the market and in the best condition. Homes that are not priced right or in the best condition sit on the market.
Purdue University continues to be a rock of stability in the West Lafayette economy and as the state and national economy breathe signs of increased economic activity buyers and sellers in the West Lafayette market need to be aware of a potential shift in the market.
If you would like more information on the West Lafayette housing market, current homes for sale, or specific subdivision market reports like University Farm, Amberleigh Village, Arbor Chase, Blackbird Farms please email Bruce Walter at: email@example.com or visit our website at SharonWalter@KW.com