South Bend Real Estate Report: May 2009

by Nick Molnar on June 1, 2009

There were 251 closed sales totalling $26.69 million through the South Bend Area MLS in May 2009. That’s about 27% higher than last month’s number, which just topped $21 million in sales. May 2009 is also about 35% lower when compared with May 2008. Sales seem to be following typical seasonal patterns  – though at a far reduced volume – as in recent years. If this continues, sales will peak in June or July, remain near that level in August and then fall September through December to a figure closer to January or February’s.

Here is the long term sales graph that shows the seasonal peak and places this years sales in context.

 

High Price Sales

The highest price sale was at 51330 Grand Oaks Court in Granger’s Woodland Hills neighborhood. It was listed for $859,000 and closed at $800,000. That is 93% of list price. The seller appears to have bought it in 9/2007 for $800,000 so it sold at a net loss after paying fees and commissions. 

Rounding out the top three most expensive sales for the month are two homes in Granger’s Covington Shores neighborhood:
14664 Heatherton was listed at $599k and sold for $560k. That is 93% of list price 
51308 Harbor Ridge was listed at $465k and sold for $442,500. That is 95% of list price.

 

 

Low Price Sales

The lowest price sale was $3,500 for 223 E Bronson, which was listed for $9,900 at the time it sold. That is 35% of list price. 

Rounding out the three lowest price sales are:
423 W Garfield in Elkhart, listed at $8,900 and sold for $6,000, or 67% of list price.
1618 Elwood Ave, listed at $7,900 and sold for $6,500, or 82% of list price.

 

Number of Sales vs. Number of Listings by Price Range

over $500,000… 2 sales leaving 69 homes remaining 
$400,000 – $499,999… 3 sales leaving 56 homes remaining
$300,000 – $399,999… 3 sales leaving 140 homes remaining
$200,000 – $299,999… 16 sales leaving 258 homes remaining
$100,000 – $199,999… 90 sales leaving 844 homes remaining
$50,000 – $99,999… 60 sales leaving 761 homes remaining
$00,001 – $49,999… 77 sales leaving 420 homes remaining

May 2009 Real Estate Sales at a Glance

Here is the scatter graph with the price of every sold home in May 2009.

Notre Dame Condos and Townhomes

It was another slow month for condo sales. Four “Notre Dame condos” sold this month. I’m using that term loosely to cover condos, townhomes and villas – any property that is maintenance-free with a monthly fee. There are 92 such properties listed for sale within 3 miles of Notre Dame’s Golden Dome (photos and details here).

A 3 br, 2.5 ba Pendle Woods villa sold for $403,688. It was listed 10/2006 for $396,900.
A 3 br, 3.5 ba Dublin Village townhouse sold for $225,000. It was listed  07/2008 for $249,900.
A 3 br, 2 ba Woodbridge condo sold for $88,000. It was listed 02/2009 for $115,000.
A 1 br, 1 ba North Shore Club condo sold for $54,000. It was listed 09/2008 for $69,900.

I have a report that two of the entry level condos at Ivy Quad sold outside the mls. They would have been in the low to mid $200,000s

There were no sales this month in Irish Crossings or Oak Hill, each of which have 10+ condos listed for sale. The future of the North Douglas condos project remains uncertain after the developer removed his petition for rezoning from the Mishawaka City Council’s early May agenda. There have been no sales at the Riverwalk Townhomes in Mishawaka, and just a few at the Townes at Kamm Island and at Keenan Court. There are 6 condo-hotel units at Waterford Estates listed for resale in the mls, including one at a reduced price of $89,999 which is below the original prices of the units. Waterford Estates has also begun a time-share program.

Need Real Estate Help?

That’s the May report. If  you need help making sense of it, understanding what is happening in a specific neighborhood or buying or selling real estate in the South Bend Area, contact a realst8.com agent.


{ 9 comments… read them below or add one }

Dean June 1, 2009 at 10:23 pm

Great work as always Nick! The numbers don’t paint a very pretty picture. The long term sales graph is very telling.

Reply

Anon Alum June 2, 2009 at 1:39 pm

Thanks Nick….always good. I had predicted that the low priced Ivy Quad units would sell leaving a bunch of expensive zombie units and ultimately stalling the development as the developer can’t keep holding the unsold inventory and start new buildings. The low cost Eddy Street Commons will sell first too along with a few high end trophy properties.

Reply

Anon Alum June 2, 2009 at 8:43 pm

Another interesting stat was the posting of what sold and how many remain in each category… I added months of supply (very low end is “healthy” and gets bleak from there):

over $500,000… 2 sales leaving 69 homes remaining – 34.5 MONTHS
$400,000 – $499,999… 3 sales leaving 56 homes remaining – 18.7 MONTHS
$300,000 – $399,999… 3 sales leaving 140 homes remaining – 46.7 MONTHS
$200,000 – $299,999… 16 sales leaving 258 homes remaining – 16.1 MONTHS
$100,000 – $199,999… 90 sales leaving 844 homes remaining – 9.4 MONTHS
$50,000 – $99,999… 60 sales leaving 761 homes remaining – 12.7 MONTHS
$00,001 – $49,999… 77 sales leaving 420 homes remaining – 5.5 MONTHS

Reply

Anon Alum June 2, 2009 at 8:47 pm

Also sales are down ($$$ wise) about 60% for May 2009 compared to May 2006.

Reply

Anon Alum June 3, 2009 at 3:35 pm

” There have been no sales at the Riverwalk Townhomes in Mishawaka, and just a few at the Townes at Kamm Island and at Keenan Court.”

To clarify, you’re stating that Townes at Kamm and Keenan Court have sold a “few” ever, not in the last month, correct. Also, a bit surprised that none of the Riverwalk Townhomes (north bank) have sold…they look nice… But with unemployment high and rising not a good market to sell these things to locals.

Reply

Nick Molnar June 4, 2009 at 8:51 am

You’re right, I went beyond the month of May for the Riverwalk Townhomes, Townes at Kamm Island and Keenan Court. I meant the number of sales since the projects began. Here are the details:

Mishawaka Riverwalk Townhomes
4 units listed for sale
0 sales recorded in the mls

Townes at Kamm Island
6 units listed for sale
1 unit pending in the mls
2 sales recorded in the mls
—> 5/21/08 at $399,800 and
—> 5/28/08 at $340,000

Keenan Court
4 units listed for sale
1 recorded sale in the mls
—> 5/8/08 at $166,325 with $10k in seller concessions

Reply

Joe June 4, 2009 at 8:05 am

It is interesting to note that 51308 Harbor Ridge had 3 offers at the same time and the best offer was $442,500 on a list price of $465,000. My client’s offer was $425,000 knowing that there were two other offers. I think they are smart people not willing to get caught up in the emotion of competing offers. We carefully looked at comparables and quickly came to the conclusion that values are below where they were in 2006. It looks to me like thay are at 2004, maybe 2005 levels.

If you are interested in looking at data on specific subdivisions or neighborhoods, in an Excel spreadsheet format, send me your request and I’ll be happy to send it to you.

Reply

Anon Alum June 4, 2009 at 11:26 am

The Mishawaka projects really are very very very nice. It is really too bad that there isn’t much of a demand right now given the economy. Very well done for sure. I love those townhomes……very classy. Keenan Court on the other hand…..well, mediocre at best in my opinion.

Reply

Dean June 17, 2009 at 10:42 pm

http://www.youtube.com/watch?v=lrW6UO5Zkok

Here’s a very interesting segment from the Glenn Beck Show that is very sobering.

Reply

Leave a Comment