South Bend Real Estate Sales Report: June 2011

by Nick Molnar on July 7, 2011

There are records in the Greater South Bend – Mishawaka MLS for 286 sales totaling $33,621,366 closing in June 2011. That is up from the roughly $28m sold in May, but down from June 2010’s ~$40.2m. Note that June 2010 was the last month to have sales inflated by the homebuyer’s tax credit and June 2011 saw the highest sales volume since that month.

Here is the long term graph of monthly sales volume.

Real Estate Sale by Month in/near South Bend, Indiana

Here are all the June sales on a single graph. They are broken out by type of financing (conventional loan, FHA loan, cash purchase, etc.)

 

The high price sales were:

  • 14234 Shoreline Drive in Granger’s Covington Shores, a 3809 square foot, 4 bedroom, 4+1 bath home that was listed for sale and sold at $600k.
     

  • 2323 Topswood Lane in South Bend’s Topsfield, a 4,500 square foot, 5 bedroom, 4+2 bath home that was listed for sale in March 2010 at $623,900 and sold for $545,000 with $1,500 in seller concessions. It last sold in December 2001 at $430k.
     

  • 1247 Notre Dame Ave in South Bend’s University Heights, a 3,776 square foot 6 bedroom, 5 bath home that was listed for sale in February 2011 at $900k and sold for $505,000.
     

  • 18155 Baldwin Drive in South Bend’s Bradford Shores, a 2,311 square foot, 1 bedroom, 2+1 bath home (plus 2 bedrooms and 1 bath in a finished lower level), that was listed for sale in January 2011 at $539,900 and sold for $492,500
     

  • 51580 Wexford Drive in Granger’s Waterford Green, a 2,990 square foot 4 bedroom, 3+1 bath home listed for sale in January 2011 at $445,000 that sold for $406k. It last sold in August 2008 for $423k

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Despite the slowdown in the building of new homes, construction at the various Notre Dame condos continues. There is new activity at the Legends Row site, where condos will wrap the parking garage at Eddy Street Commons. Irish Crossings  is approaching its build-out. Ivy Quad is working on the second of three phases of development. Champions Way is making progress on building 6. Legacy Square is progressing after many delays.

I’ll post about the sales and availability at each of the communities in the coming weeks. Until then, here are some candid photos of the construction taken on June 20, 2011. Click on any photo for a much larger image.

 

Legends Row

 

Champions Way

 

Ivy Quad

 

Irish Crossings

 

Legacy Square

 

 

 

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Google Maps Updates South Bend Imagery

by Nick Molnar on June 16, 2011

Google Maps and Earth recently updated their imagery of the South Bend Area, resulting in maps that show crisp and recent views of the new construction near Notre Dame. Most images appear to be from April 28, 2011. If you combine these new photos with Google Earth’s historical imagery, you can quickly get a sense of the growth of the area since 1998.

You can also create a striking series of images showing the construction of Eddy Street Commons or the condos near campus. For example, here are four screenshots of the area containing Ivy Quad, Irish Crossings, Wexford Place and the Irish Row Apartments.

April 1998

March 2005

October 2008

April 2011

 

These give a great 2,000 foot view of the area. If you want a more granular look at the housing options near Notre Dame, send me a note.

 

 

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South Bend Real Estate Report: Jan-May 2011

by Nick Molnar on June 15, 2011

Between January 1st and the end of May 2011, there have been 940 sales for about $98.9 million recorded in the South Bend Area MLS. It breaks down like this:

  • January: 141 sales / $12.6 m
  • February: 127 sales / $10.5 m
  • March: 201 sales / $20.4 m
  • April: 228 sales / $27.3 m
  • May: 243 sales / $28 m

To see the figures plotted against past years, follow the red line in the graph below.
Click for the full size image in a new window.

 

Monthly Real Estate Sales From the South Bend Area Blog

Real Estate Sales Prices

The high price sale was $1.39 million in April, which is such an outlier that it skews the scatter graph. Below are graphs that show every sale reported in the South Bend Area MLS for Jan-May 2011 (for completeness), and just those above $500k (for clarity).

 

Sales by Type of Financing

Cash sales account for nearly half of the number of sales this year, but only about one quarter of the sales volume. Many low price sales are cash purchases. The situation is nearly reversed for conventional financing, which accounts for just under 27% of sales by number but more than 44% of sales by volume. FHA loans contribute about 23-24% to the total of both number of sales and dollar volume of sales. Other types of financing, including VA loans and seller-financed sales, remain small parts of the South Bend market.

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Finished Rehabbing, Back to Blogging

by Nick Molnar on June 8, 2011

Two years ago, in May 2009 I bought a house that needed some work. Two months ago, in April, I decided to move up the completion of the project by a year and sell the house this summer. From that decision until today, there haven’t been any new features on the South Bend Area Blog, but we’ve renovated the kitchen, two baths, regrew the yard and a lot more. The house is now done and listed for sale. New blog posts, especially analysis of sales in 2011 are coming soon.

If you want to see the house that kept me busy,
Before and After Photos: http://bit.ly/1452RidgedaleBeforeAndAfter
Just the Pretty Pictures: http://www.1452ridgedale.com/

*important note: The word “I” is used above only for convenience. My wife, Tracy, probably contributed more than me to this project. Many other people were involved and helped with this renovation in important ways, especially Jeff Kepschull and Joe Molnar.

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