South Bend Real Estate Report: November 2009

by Nick Molnar on December 3, 2009

The South Bend Area MLS contains information on 245 sales that closed in November 2009. They add up to $27.48 million in sales. That is slightly higher than October 2009, though lower than November 2008.
There has been speculation that the homeubuyer’s tax credit, which originally expired November 30th but has since been extended through June 30th, artificially inflated the number of sales last month.
Here is the long term sales graph

The South Bend Area MLS contains information on 245 sales that closed in November 2009. They add up to $27.48 million in sales. That is slightly higher than October 2009, though lower than November 2008.

There has been speculation that the homeubuyer’s tax credit, which originally expired November 30th but has since been extended through June 30th, artificially inflated the number of sales last month.

34 sales were disclosed as foreclosures in the MLS which sold between $5,000 and $139,000.

Here is the long term sales graph

Sales Prices

The high price sale was $775,000 for 19000 New Road, a 1989-built 3,000 square foot home plus finished basement on 80 acres. For a home without significant land value, the high price sale was $465,000 in Covington Shores. It sold at a loss since the seller paid $480,000 for it in 7/07 and paid fees at the time of sale.
The low price sales were neighborhing homes at 720 and 724 Kenmore. They were sold at auction an brought in $3,200 and $4,600
for non auctioned homes, 617 walnut was the most affordable. It sold for $5,000 and was listed for $7,500 at the time of sale.
Check the scatter graph of the price of every sale in October 2009 below for a better sense of the market.

Financing

FHA loans have become more common compared to recent months. They accounted for 38% of sales, followed by cash purchases which accounted for about 1 in 3 sales, then by conventional loans which fell to about 1 in 4 purchases. VA and other types of financing remain rare.

Condos and Townhouses

Sales of condos continue to be light. Two  townhouse/condo sales are recorded in the MLS for November 2009.
  • Irish Crossings saw what I believe to be its first resale. 54652 Burdette sold for $340,000 in a cash purchase. It was last sold on 4/28/08  for $346,319 by the developer.
  • 534 Kamm Island Place, in the Townes at Kamm Island, sold for $361,774.
There are 49 condos or townhomes listed for sale within two miles of the Golden Dome, and three villas at Pendle Woods. Searching today, I found the following on the market:
  • 12 condos at Oak Hill
  • 7 townhomes at Irish Crossings
  • 6 condos at the North Shore Club
  • 6 condos at Roseland Square
  • 5 condos at Woodbridge
  • 5 townhomes at Dublin Village
  • 3 townhomes at Stadium Village
  • 2 condos at Riverside Terrace
  • 1 townhouse at Ivy Quad
  • 1 townhouse at Wexford Place
  • 1 condo at New London Lake

Though those numbers are somewhat misleading as Ivy Quad has a number of units for sale but listed just one in the MLS. It also doesn’t include the 50+ Champions Way townhomes that will be need to be sold at Eddy Commons or the other condos and townhomes that will be offered at Eddy Commons.

New Construction

There are 12 November sales in the MLS that appear to be builder sold new construction.
  • One is the Townes at Kamm Island Place townhouse mentioned in the condo section above
  • Four were sold by Weiss Homes between $147,335 and $263,328
  • Two are in the outlying areas I don’t highlight on this blog: Shipshewanna and LaPorte
  • Two were sold by Cleland Homes at $137,000 and $141,500
  • The most expensive was a Quail Ridge villa built by Birkey Homes that sold at $456,250 after starting at $779,000 in March of 2008
  • One was a Platinum Builders villa in Bradford Shores. It sold for $415,000 after being listed as high as $499,000
  • One is a 1,610 square foot 3 bedroom, 2 bath home in Fernwood that sold for $247,298.

That’s November 2009 by the number. If you have specific questions, put them in the comments or call / e-mail.


{ 2 comments… read them below or add one }

Renter Tom December 3, 2009 at 11:38 am

Very good Nick! These numbers tell a lot about the local market. Looks like someone really got a deal with that Birkey Home in Quail Ridge if it had originally been priced competitively. In my opinion, Birkey builds a decent house….Weiss Homes on the other hand is buyer beware…if you buy a new construction home you still need to have an independent professional inspection done especially since home warranties are limited (and many assume the builder will be around for the warranty work).

It appears that the enthusiasm for “second” homes around ND remains anemic at best. It spells for a long drawn out development around campus including at Eddy Street Commons. We will see how that pans out economically. They are building it so eventually the units will have to sell….at a profit or a lose is the question. One “tell” will be when and who builds the high end hotel at ESC. I am pretty sure none of Coach Weis’ relatives will be buying any! Which brings up a possible interesting idea for an article….past ND head coach’s homes and whether they had to take a loss on them once they got the axe? Holtz probably did fine….but Davie (did he ever sell?), Willingham (and O’Leary if he bought), and of course the Weiss house which I am pretty certain will sell for at a big loss…probably a bigger loss than Davie or Willingham (fitting for the comparative win-loss record too! LOL). Probably the assistant coachs take a bigger hit and they can not afford it like the b$$$g HC’s can.

Thanks again for the numbers.

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just sayin... December 4, 2009 at 12:12 pm

Nick, I appreciate your monthly reports. I especially like the way you factually report the activity as it is without trying to put any spin on conditions. This goes a long way towards establishing your credibility. Your comments also demonstrate your competence and expertise. Consumers need more Realtors like you. Keep up the good work. I continue to look forward to the monthly market reports.

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