South Bend Home Sales: The Low End vs. The Luxury Market

by Nick Molnar on December 16, 2009

I started looking at year long statistics for the South Bend Area real estate market to begin work on an end of year summary and culled a few figures interesting enough to post now.

There are 472 homes listed for sale in the South Bend area for $50,000 or less. There are 470 homes listed for sale with a price of $200,000 or more. For all practical purposes the numbers are equal, but there are more homes on the market here priced under $50k than over $200k.

The number of sales however is far from equal. In the last year, 12/16/08 – 12/16/09:

  • 963 homes sold under $50,000.
  • 334 homes sold over $200,000.

    { 3 comments… read them below or add one }

    Irish Eyes December 16, 2009 at 1:45 pm

    Hey Nick….like the posts but can’t make sense of this one. You might want to reread and clarify. Thanks.

    What would be interesting would be to know the number of sales over $200K, $300K, or whatever that are to people who don’t claim the homestead exemption (rough estimate of second home buyers). In the low priced markets, non-homestead exempted properties probably are rentals while in the high priced market they would be second homes.

    Reply

    Nick Molnar December 16, 2009 at 2:03 pm

    Thanks for the feedback. I shortened the post a bit, but maybe this is more interesting to an agent than to anyone else. I thought it noteworthy that the supply of homes less expensive than the average (under $50,000) is comparable to those more expensive than the average (over $200,000) but the lower priced properties are outselling those at higher price points three to one. I’d guess that investors are buying but people are not moving.

    I’ll try to put together a more comprehensive picture of 2009 sales over the coming weeks and post it in 2010.

    Reply

    Irish Eyes January 5, 2010 at 12:10 am

    How are the December and year end stats coming along Nick? Your monthly posts are always insightful… THANKS!!! And Happy New Year too!

    Reply

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