Status of the South Bend Area Housing Market: 11/1/2007

by Nick Molnar on November 1, 2007

The number of sales ticked up in October, from 266 to 314 but the sales volume dipped further, from $37,825,776 to $36,732,618. This means more houses were sold, but they were the lower priced listings. 166 of the 298 single family homes sold this month was for $100,000 or less.

Condo sales continue to be soft, with little student housing activity at this time of year and a depressed fan base after Notre Dame’s disappointing season to date.

Here are the numbers:

Houses Listed as of 11/1: 2,391
Houses Sold 10/1 – 10/31: 298
Low price sale: $5,000
High price sale: $2,150,000
average price sale (mean): $112,769
average price sale (median): $87,250
About 12% of listed houses sold this month.

Townhouses/Condos Listed as of 11/1: 96
Townhouses/Condos Sold 10/1 – 10/31: 6
Low price sale: $44,000
High price sale: $351,120
average price sale (mean): $183,703
average price sale (median): $152,160
About 6% of listed townhomes/condos sold this month.

Villas Listed as of 11/1: 55
Villas Sold 10/1 – 10/31: 9
Low sales price: $145,500
High sales price: $411,436
average price sale (mean): $223,379
average price sale (median): $188,000
About 16% of listed villas sold this month.


{ 4 comments… read them below or add one }

Condo Buyer November 11, 2007 at 3:41 pm

I think it is time for a new ND oriented project review. Who’s building, what’s selling, etc. That would be helpful if the moderator has any details. My review is:
– Dublin Village is sold out and looks nice.
– North Douglas Condos look very nice but a bit of a slow start (football season and real estate market I suppose).
– Wexford Place has one unit left and looks very nice.
– Irish Crossings is building like crazy…45 units started since April and looks fantastic.
– ND Ave Townhomes forgot to drive by.
– Stadium Village – not sure what is going on since that foundation has just been sitting there and now has some lumber next to it but no visible progress (real estate financing issue?).
– Eddy St. Commons taking a bit more time then expected to get going?
– Pendle Woods still building but sales look to have slowed (real estate market).
Anyone have any insights?

Reply

Condo Buyer November 11, 2007 at 3:50 pm

And…
– Oak Hill has lots of units for sale at strangely high prices with some on the market for over one year. Obviously, the Oak Hill bubble has burst….time to lower those prices guys if you really want to sell esp. with all the new housing choices now avaiable.
– North Shore Club also has units for sale.
– Not sure what the status if off Stadium Club, but looked like cheap renovations, including ugly paint color and job on the outside…a pity.
– Woodbridge Condos, also has a lot of units for sale….and the villa development at the entrance has screeched to a halt.
– It is a a buyers market….

Reply

Condo Buyer November 11, 2007 at 7:57 pm

No progress at ND Ave Townhomes either. None, other than a sign. I just drove by……..

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Matt November 15, 2007 at 6:51 pm

Just wondering if there would be interest in condo units located in downtown South Bend with secure parking priced below the rest of this new construction? Thanks.

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