South Bend Real Estate Report: December 2008

by Nick Molnar on January 5, 2009

The year limped to a close in regards to real estate. Here’s the report on sales through the South Bend Area MLS.

223 sales closed, with a combined total of $22,610,122. That is higher than last month’s near $16 million in sales, but down from about $30.5 million in December 2007. Here are the final sales prices of all 223 transactions.

The highest price sale was in Granger’s Covington Shores, where 14301 Parkridge Drive sold for $560,000. The sellers listed it in February for $763,500 and reduced it bit by bit until the sale. 249 days on the market and about a 25% reduction from their original price.

The lowest priced sale was in South Bend, at 1345 College. It sold for $3,000 after 77 days on the market. Since it was listed for $6,000, the sellers got 50% of their asking price.

Condo-wise, things continue to be extremely slow. One condo sold, in the North Shore Club. It was a 1,000 square foot model with 1 bedroom and 1 bath. The sellers listed it in January for $89,900 and it went for $76,000. That means it sold at a loss for the sellers who seem to have paid $82,000 for it in 2005.

And, a New Year’s gift to all you stats fiends, sales volume from the South Bend MLS by month, 2002-2008. Click on the thumbnail for a larger image.


Sales in the South Bend Area MLS, 2002-2008

Sales in the South Bend Area MLS, 2002-2008

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{ 6 comments… read them below or add one }

Jamie January 5, 2009 at 11:47 pm

What would be even more telling is using REAL dollars (that is, inflation adjusted dollars). If you compare 2002 to 2008, the $22,610,122 in sales in 2008 is the same as sales of $19,480,061 adjusted to 2002 dollars. When you take into account inflation, you will see that 2008 was even worse. 2009 doesn’t look to be getting any better that’s for sure…


Michelle January 12, 2009 at 3:51 pm

Oak Hill Condos – South Bend’s Housing Bubble?
by NICK MOLNAR on MARCH 27, 2007

Fast forward almost 2 years….was there a bubble at Oak Hill Condos? It sparked a lot defense from owners there that is for sure. If looks like there are almost 15 units for sale on the mls and by owner which makes it over 15% of units which is an all time high. An updated analysis would be interesting… Thanks.


Who Knows... January 17, 2009 at 1:18 pm

What about the Oak Hill condo bubble?


Hello January 23, 2009 at 1:49 pm

Hello – What about the Oak Hill condo bubble? Any updates, stats of current for sale, recent solds? What about Jamison condos – the brown ones like Oak Hill – that you never saw for sale and now there are several for sale? Info would be helpful. Thanks.


Nick Molnar January 27, 2009 at 11:18 am

Oak Hill is stopped cold.

There are 11 Oak Hill condos listed for sale today and one that just expired unsold and I assume will be re-listed. That’s 12 condos + the FSBO that has been on the market for over a year. 13 out of 102 is about 13% of the complex on the market. Asking prices are about $160k – $240k.

Recently a shopper went through the sellers offering $125k and got nowhere. It seems buyers are unable or unwilling to pay the asking prices and sellers are unwilling or unable to lower them. We’ll see what the Spring, a traditionally busier time of year for real estate in South Bend, brings.


Michelle January 27, 2009 at 1:58 pm

I think the Oak Hill condos generate a reasonable rental income….not saying it is a good investment, but covers the costs and maybe even the mortgage if there is one. Jamison Residences are closer so that shopper should try there, same designs/floorplans. The under $100K condos at Oak Hill are just around the corner, give it time.


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