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

by Nick Molnar on July 1, 2007

Here is the South Bend Area Blog’s monthly market report for residential real estate, based on figures from South Bend’s MLS.

The number of available homes continues to rise, and at the end of the June there were 2,457 homes listed for sale. The number of sales dropped very slightly from May, so sellers are facing increased competition – there are more choices and fewer sales. For every home that sold in June, at least six stayed on the market. In this environment, it is more important than ever to properly prep your house: clean it, paint it neutral colors and de-clutter. Those actions, along with an appropriate asking price and web-based, photo-heavy marketing will maximize your chances of selling your home.

Houses Listed as of 6/30: 2,339
Houses Sold 6/1 – 6/30: 349
Low price sale: $7,000
High price sale: $1,250,000
About 15% of listed houses sold this month.

Townhouses/Condos Listed: 65
Townhouses/Condos Sold 6/1 – 6/31: 12
Low price sale: $105,000
High price sale: $249,900
About 18% of listed townhomes/condos sold this month.

Villas Listed: 53
Villas Sold 6/1 – 6/31: 10
Low sales price: $125,000
High sales price: $360,000
About 19% of listed villas sold this month.

2007 Market Activity for the South Bend Area

{ 1 comment… read it below or add one }

NDtom July 2, 2007 at 2:09 am

Looks like June 2007 sales numbers are down 25%-30% from June 2005 and June 2006. That puts sales down for the year around 23%. Ouch. With the current number of homes on the market, I would say the first half of 2008 continues to look like a buyers market with the current 8.4 months of homes on the market (using the past 6 month sales average). Without a doubt, the rest of 2007 is a buyers market except in some special markets. The bigger question is will the SECOND half of 2008 be back to normal?


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