South Bend Real Estate Report: November 2008

by Nick Molnar on December 2, 2008

 

In November, there were 161 sales through reported in the South Bend Area mls for $15,777,972. There are 2,482 residential properties listed for sale in the area’s mls. You can search them without registering here. A year ago, in November 2007, there were 347 sales for $38,979,845 (full real estate report).

The most expensive sale price in November 2008 was $587,000, on a Covington Shores home which was listed at $639,900 in March. The sellers were asking $618,500 when they sold. They accepted 92% of their original asking price. The house previously sold for $592,500 in August 2006 and $580,000 in February 2005.

Excluding a house that looks like it sold for $1 (typo?), the lowest sales price this month was $4,200. It was listed for $7,950 in September this year and after expiring unsold when listed for $62,900 in September 2006. It last sold for $18,400 in May 2004.

Between those extremes, there were 60 sales for $50,000 or less, 14 sales over $200,000 and an average sales price of $98,000. Here’s the scatter graph

Just one condo closed through the mls – a foreclosure in topsfield that was listed at $39,900 and sold for $38,000.


{ 1 comment… read it below or add one }

Mike December 2, 2008 at 9:33 pm

Wow – sales tanked in November big time. That would make it nearly a 15.5 months supply at that sales rate although a monthly moving average would be more accurate and probably a 10 month supply is more accurate. Would be curious on which topsfield unit sold if you have the link. We are now really feeling the effects of restricted credit and a return to traditional lending standards. No wonder there are fewer realtors out there now. Thank you for the information.

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