South Bend Real Estate Report: July 2009

by Nick Molnar on August 2, 2009

July is over and based on a data pull I made Saturday, there were 249 closed sales in the South Bend Area MLS for $29.39 million in volume. That volume is down slightly from the June 2009 figures.

Charts and Graphs

Long Term Graph of Sales Volume by month in the South Bend Area MLS

Long Term Sales Graph for Real Estate and Home Sales in the South Bend Area MLS

The prices of all homes sold through the South Bend Area MLS for July 2009

Closed Home Sale Prices in the South Bend Area MLS from July 2009

The location of sold homes in the South Bend Area MLS for July 2009

Location of Real Estate Sales in the South Bend Area MLS for July 2009

Number of real estate sales in the South Bend Area MLS for July 2009 by City

Number of Real Estate Sales in South Bend, Mishawaka, Granger and Osceola, Indiana for July 2009

Average sales price of homes sold through the South Bend Area MLS for July 2009

Average Real Estate Sales Price for South Bend, Granger, Mishawaka and Osceola, Indiana for July 2009

Type of financing for homes sold through the South Bend Area MLS for July 2009

Type of Financing for Closed Sales in the South Bend Area MLS for July 2009

Notre Dame Condos and Townhomes

This month there were no closings of condos or townhouses near Notre Dame reported in the MLS. I’ll check again in a few days to make sure none of the half dozen pending Notre Dame condo/townhouse sales closed with a slow agent who didn’t yet report the sale, but simply put, sales of the Notre Dame condos are sluggish. Likely reasons for the decrease in sales include increased competition from newly-built high-end apartment buildings and more strict lending guidelines that exclude some people who may have bought in past years.

One Pendle Woods villa sold for $286,500. It previously sold in August 2006 for $318,302 and was originally listed at $358,000 in October 2007. It sold for about 90% of its price when new and about 80% of its original list price.

Pendle Woods Villa

An assortment of other villas and a duplex unit also sold, but in locations throughout Mishawaka and South Bend that are not communities I consider to be “Notre Dame condos” and regularly track on this site.

For comparison, one year ago in July (2008), there were 11 closings I’d call Notre Dame condos:

two North Shore Club condos,
one Woodbridge condo,
two Waterford Estates condo-hotel rooms,
one Dublin Village townhouse,
one Wexford Place townhouse,
and four Irish Crossings townhouses


{ 13 comments… read them below or add one }

Dean August 2, 2009 at 2:08 pm

I really like the new graphs and map. Very informative as usual.

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Dean August 2, 2009 at 2:11 pm

Nick, Is the 2008 info missing from the Long Term Graph of Sales Volume?

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Nick Molnar August 3, 2009 at 9:47 am

2008 is there, and unfortuantely looks very similar to 2001, which is only represented from August – December. I’ll try to work up a cleaner, larger graph in the near future.

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Anon Alum August 2, 2009 at 3:50 pm

Excellent post Nick….you are really putting up very very useful information and also archiving a bit of history that over time will make you one of the most knowledgeable RE agents in the area.. Keep up the excellent work and I hope it leads to more business for you. Interesting that it took nearly two years for the resale of that Pendle Woods villa. Had seen it on the Internet a long time ago and looked very nice and appeared that a grad student couple must have lived there. Guess they got jobs out of the area. Of interest is that sales volume in dollars in July were down 35%-50% compared to previous years, not accounting for inflation which would make the numbers a tad worse. No doubt there is a depression in real estate both in volume and prices for individual homes. Rough times.

Thanks again for the information. It is very interesting.

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Dean August 4, 2009 at 9:39 am

It would be very interesting to see what the sales numbers would look like if the $8K tax credit was available.

Nick, Do you know what percentage of homes sold were in foreclosure, short sale, etc?

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Nick Molnar August 5, 2009 at 12:31 am

I don’t have comprehensive numbers for foreclosures / short sales. But they are a substantial portion of recent sales.

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Nick Molnar August 5, 2009 at 12:36 am

There was one townhouse sale in July, reported after I pulled the data from the MLS.

A 1,745 sq ft, 3 bedroom, 2.5 bath Dublin Village townhouse closed 7/31/09 for $230,000. It last sold in January 2007 for $232,137. That means it sold at a loss, even before fees and commissions.

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Charlie August 6, 2009 at 1:56 am

Any update on sales or pending sales for the new Ivy Quad? The exterior looks nice but the floorplans and garage setup are sorta odd. Wondering how it is being received in this market. Also, wonder how it competes with Eddy Street Commons. Thank you.

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Charlie August 18, 2009 at 5:01 pm

Come on…any word on any actual CLOSINGS or even contracts signed for an Ivy Quad condo? I am really really curious. Thank you.

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David Matthews August 24, 2009 at 9:41 am

Hi Charlie,

The 1st building of 8 units at Ivy Quad was completed mid June. 4 of the signed contracts for it have closed. The 2nd building framing should start in September.

Take care,

David Matthews
Ivy Quad

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Charlie September 1, 2009 at 9:26 pm

Thanks David Matthews. I am wondering which unit styles sold and the sales prices. I would guess the smaller units are selling much faster than the larger ones, but I could be wrong. Good luck.

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Charlie September 1, 2009 at 9:35 pm

Sale prices are public record so I’m hoping David Matthews will just go ahead and post that information. I am also curious about the August sales reports for the area. Hope those get posted soon too.

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Nick Molnar September 1, 2009 at 9:41 pm

The August Sales report will be out late tonight or sometime tomorrow.

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