South Bend Real Estate Report: 2011 Summary

by Nick Molnar on January 20, 2012

In 2011, there were just under 2,700 real estate sales recorded in the Greater South Bend – Mishawaka MLS, which total just over $295 million altogether. Here is the long term sales graph which plots that by month, and a scatter graph that shows all the sales at a glance, broken down by type of financing.

South Bend Real Estate Sales by Month     South Bend Real Estate Closed Sales 2011

High Priced Real Estate Sales in South Bend and Granger

Almost none of the sales were over $600,000 – in fact just eight exceeded that amount. If you take the 135 costliest purchases in 2011, that creates a list of the top 5% of sales. It effectively starts at $300,000, which is a fair definition of the high end market in the South Bend Area. That 5% of sales by number accounted for about 19% of sales by volume. And within it, there are just a handful of neighborhoods that had more than just a sale or two.

In Granger, they were:

  • Woodland Hills, with 7 sales at an average of $681,129
  • Covington Shores, with 16 sales at an average of $427,813
  • Fox Chase, with 10 sales at an average of $405,900
  • Copperfield, with 3 sales at an average of $371,667
  • Wild Wing, with 3 sales at an average of $361,667
  • Quail Ridge/South, with 6 sales at an average of $348,217
  • Saddlebrook, with 4 sales at an average of $344,750
  • Waterford Green, with 7 sales at an average of $328,429
  • Quail Valley, with 4 sales at an average of $322,100

And in South Bend:

  • Erskine Manor, with 3 sales at an average of $434,667
  • Ridgedale, with 3 sales at an average of $359,167
  • Irish Crossings (resales): with 3 sales at an average of $357,500 – this doesn’t include new construction sales that closed outside the MLS.

Distressed Real Estate Sales in South Bend – Foreclosures and Short Sales

The distressed market of foreclosures and short sales was also quite significant in 2011. Together they accounted for about 26% of sales by number of sales and about 13% of sales by volume.

Foreclosures

There were 611 foreclosures sold and entered into the MLS in 2011. They closed at prices from $1,000 to $420,000 and include everything from rural homes on 20 acres to a townhouse near Notre Dame to 2007/8 built homes in new developments.

Of the sales, 215 sold at or above list price.
312 sold at 95% or greater of list price
just 85 sold for less than 80% of list price
473 were cash sales

Here are all the foreclosures at a glance by price and by location

South Bend Real Estate foreclosure prices in 2011     South Bend Real Estate map of foreclosure sales in 2011

There are 121 foreclosures listed for sale as I write this, photos and details here. (It will be live for about 90 days. If you find this after it expires, contact me for an update).

Short Sales

There were 97 short sales sold and entered into the MLS in 2011. They closed at prices from $8,000 to $325,000.

Of the sales, 21 sold at or above list price
just 14 sold for less than 80% of list price
40 were cash sales

Here are all the short sales at a glance by price

South Bend Real Estate Short Sales in 2011

There are 149 short sales listed for sale as I write this, photos and details here. (It will be live for about 90 days. If you find this after it expires, contact me for an update).

 Have questions or need specific info?

That’s a brief summary of real estate sales in and around South Bend, Mishawaka and Granger Indiana in 2011 and a few important niche markets. If you are interested in South Bend real estate and want customized analysis or just a quick answer to a question – e.g. “what is for sale near Notre Dame under $200,000 and how does it compare to what has sold in the past?” or “What neighborhoods have older homes that are in good shape and a location that makes for an easy commute to downtown South Bend?” or “What’s Granger?”- e-mail me at nick@realst8.com. I’d be happy to talk with you and if I’m not the person to help you I can probably put you in touch with someone who can.

 

 


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