South Bend Real Estate Sales Report: June 2010

by Nick Molnar on July 13, 2010

The South Bend Area MLS records show that in June 2010:

  • 345 residential properties were sold
  • 293 residential properties went under contract
  • 545 residential properties were newly listed or re-listed for sale (that is not a count of all homes for sale, just those listed in June)

The 345 sales add up to $40.18 million in volume. That is about 13% greater than May 2010 (the previous month) and about 30% greater than June 2009 (one year ago)

Here is the long term graph

Sales Prices

The high price sale was 51795 Ashton Court in Granger’s Woodland Hills. It was listed for $1.89 million in January 2010 and sold for $1.35 million on June 30th. It previously sold for $1.75 million, in December 2007. That makes it the highest price sale in the South Bend MLS since June of 2008, when 51284 Shamrock Hills Drive sold for $1.4 million.

Here is every sales price for the month, at a glance

Financing

FHA loans accounted for the greatest number of sales and the second highest volume. Conventional mortgages accounted for nearly as many sales, and the highest sales volume. Cash sales continue to as an important, if lesser, market force and VA / other financing has yet to develop to more than a fraction of the market.

Notre Dame condos

  • 1504 Oakhill Drive, a 2 bedroom + loft, 2 bath second floor condo at Oak Hill (no garage).  Listed for $181,900 in April 2008, it sold for $125,000 on June 25th. It previously sold for $107,500 in May 2004.
  • 1564 Wildflower Way at the North Shore Club with 3 bedrooms and 2.5 baths. Listed for $129,000 in April 2010, it sold for $123,500 on June 30th. It previously sold for $112,650 in December 2005
  • 1446 Bridgewater Way at The Forest with 3 bedrooms + a loft and 2.5 baths. Listed for $164,900 in March 2010, it sold for $150,000 on June 11th. It previously sold for $156,000 in June 2004 and $150,000 in February 2003
  • 118 Clancey Street, a furnished townhouse in Dublin Village with 4 bedrooms, 3.5 baths . Listed for $295,000 in February 2009, it sold for $220,000 on June 4th. It previously sold for $261,754, making the sale a loss of about 16% before expenses

New Construction

This continues to be a slow segment of the market, as reported through the MLS. I found 9 sales by Weiss homes and one by Place Builders that appear to be new construction. Prices ranged from $109,999 to $233,143. Six were financed with FHA loans, three were cash sales and one buyer obtained a conventional mortgage.

If you are considering the purchase or sale of property in the South Bend – Mishawaka – Granger – Notre Dame Area and want a no-pressure, no-hassles consultation with the real estate brokers behind the South Bend Area Real Estate Blog, please contact us.

{ 3 comments… read them below or add one }

Irish Eyes July 14, 2010 at 11:17 am

Always interesting numbers!!!

I think it is clear that the Home Buyer Tax Credit had an affect on sales in our area (whether they would have sold anyway is an open question) there was a huge rush to sign a contract by the end of April and close by the end of June (closing date has been extended to end of September…a $8,000 incentive to back date a contract…oh well, just more real estate fraud I suppose…why not just extend it 1 month…3 extra months to close just encourages backdating without extending the tax credit). You can see huge numbers for went under contract in April then elevated sales in May and June. HUGE fall off in went under contract numbers in May and just so so June under contract numbers. The June sold spike is gonna reverse big time in July and the rest of the year. I summarized Nick’s numbers for January through June below for easy review.

June 2010:
345 sold
293 went under contract

May 2010:
285 sold
208 went under contract

April 2010:
262 sold
458 went under contract

March 2010:
238 sold
299 went under contract

February 2010:
152 sold
247 went under contract

January 2010:
121 sold
201 went under contract

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Looks like Oak Hill condos are coming back down to earth….one wonders if the buyer used the first time home buyer tax credit (for example, simply title it in the name of a son or daughter?). Ouch on the Dublin Village sale especially when you take into account the transaction costs. A $400,000 ouch on Ashton Court…. Will be curious to see what prices Ivy Quad closes at.

Reply

Jim Scollon July 15, 2010 at 4:54 pm

Nick,
We had 5 new construction homes close in June at Stonebridge Villas! They are all in the MLS.
Jim

Reply

Randy Vanderpool August 2, 2010 at 2:43 pm

Thanks again for always keeping us in the know with your situation. Glad to see things are continuing to creep up!

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