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.


{ 2 comments… read them below or add one }

Andrew June 15, 2011 at 7:02 pm

The $1.39 Million “outlier” that sold in April only spent 3 weeks on the market in March… you can view the Virtual Tour at http://pfretour.com/1673 – Great Photos Help You Get Homes SOLD! And quickly…

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Jo Amick July 4, 2011 at 7:10 am

I think most people would agree that cash sales account for nearly half of the number of sales this year, but only about one quarter of the sales volume.

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