Status of the South Bend Area Housing Market: 06/01/07

by Nick Molnar on June 1, 2007

Using data from the Greater South Bend-Mishawaka MLS, here is the May breakdown of sales statistics. There are more sales, but also more inventory than in recent months. Summer buyers should have plenty of choices.

Houses Listed as of 5/31: 2,281
Houses Sold 5/1 – 5/31:  362
     Low price sale: $4,500
     High price sale: $775,000
About 16% of listed houses sold this month.


Townhouses/Condos Listed: 53
Townhouses/Condos Sold 5/1 – 5/31: 7
     Low price sale: $54,000
     High price sale: $270,893
About 13% of listed townhomes/condos sold this month.


Villas Listed: 51
Villas Sold 5/1 – 5/31: 9
     Low sales price: $109,600
     High sales price: $288,000
About 18% of listed villas sold this month.


Archived South Bend market reports:
January 2007
February 2007
March 2007
April 2007


{ 2 comments… read them below or add one }

NDtom June 1, 2007 at 6:59 pm

Looks like the number of homes sold are still down between 20%-25% for 2007 compared to 2005 and 2006.

It is a buyer’s market and with five months like that, I would say it will stay a buyer’s market for the rest of 2007.

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NDtom June 2, 2007 at 1:16 pm

Home price declines tend to lag sales activity declines by 6-9 months since people resist recognizing that their home value has decreased and either refuse to lower their price (which stagnates on the market) or simply don’t put their home on the market if possible. In South Bend, home prices have risen very modestly, if at all in real dollar terms, over the last decade so price declines should not be a significant issue unless a buyer recently overpaid and now wants to sell. One upside may be out of staters (east and west coast) buyers who purchase vacation homes in the area because of the good value in real estate compared to their own housing markets and/or they need to reinvest in real estate to avoid incurring taxes. Overall, I am bearish on the local residential real estate market except for college related housing which will continue to do well. The first half of 2008 doesn’t look too hot either.

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