Status of the South Bend Area Housing Market: April 2008

by Nick Molnar on April 30, 2008

Entire MLS (residential)
Listed today: 2,601 properties / combined list price of $377,318,851
Sold in April: 262 transactions / $28,352,752 in volume
Noteworthy: still 10 months of supply and the mls is running out of keyboxes.

Single Family Houses
Listed today: 2,414
Sold in April: 246 transactions, $25,295,027 in volume
Noteworthy: 83 sales, 34% of the month’s total, were below $50,000. All were below $500,000.

House Sales Prices in the Greater South Bend-Mishawaka MLS, April 2008

Townhouses/Condos/Villas
Listed today: 186
Sold in April: 16 transactions, $3,057,725 in volume
Noteworthy: The proposed “Main Street Condos‘ at the JMS building expired without comment or visible progress.

Condo / Villa / Townhouse Sales Prices in the Greater South Bend - Mishawaka MLS, April 2008

Condo Sales in Detail
April’s condo sales consisted of two new construction condos, an Oak Hill flip, one unit at Ashbury Court and a few lower-priced condos.

  • complex: Irish Crossings. address: 54680 Burdette. sales price: $368,815. square feet: 1,794. $205.58/sf. sales history: new construction. note: Irish Crossings is still attracting interest and buyers, despite their top of the market prices.
  • complex: Ashbury Ct. address: 246 Ashbury Ct. sales price: $280,000. square feet: 2,220 per tax record (+1,500 sf finished lower level). $126.13/sf. sales history: listed 10/22/07 for $299,500. note: Ashbury Court is nearer villa status than most condos and I almost hesitate to include it here. There are attached units in the complex, so I opted to keep it on the condo list.
  • complex: Oak Hill. address: 1423 Oak Hill Ct. sales price: $230,000. square feet: 900 (+finished lower level). $255.56/sf. sales history: listed 10/11/07 for $234,900, previously sold 9/13/07 for 189,000 and 11/15/05 for $156,900. note: I believe this is the highest price flip, and possibly the highest price sale in Oak Hill history. It looks like the buyer was able to get conventional financing despite the current lending conditions and a dearth of comparable sales.
  • complex: North Douglas. address: 5640 Irish Way #4. sales price: $138,600. square feet: 1,379. $100.51/sf. sales history: new construction. note: the complex finally has a staged model unit, sales of ground floor condos has been slow, especially those fronting to the parking lot.
  • complex: Sedgewick House. address: 820 Lincoln Way West #22. sales price: $84,000. square feet: 1,067. $78.73/sf. sales history: listed 6/4/2007 for $95,000, previously sold 8/1/05 for $67,350. note: The previously unmentioned on this blog Sedgewick House condos are no-glitz condos near the 100 Center in Mishawaka.
  • complex: Woodbridge. address: 18120 Stoneridge B. sales price: $82,500 with seller concession of $2,475. square feet: 932. $85.86/sf. sales history: listed 11/9/07 for $82,000, previously sold 4/4/05 for $76,500 and 1/14/03 for $75,000. note: there are 8 active listings in Woodbridge (excluding their villas) priced $87,500 – $129,900. It’s probably not a coincidence that the lowest priced condo in the complex is the one that sold.
  • complex: Topsfield. address: 2500 Topsfield #419. sales price: $48,000. square feet: 800. $60/sf. sales history: listed 12/19/07 for $54,900. note: Topsfield remains the most affordable condominium complex in South Bend.

{ 2 comments… read them below or add one }

NDtom April 30, 2008 at 9:19 pm

Good post. One important thing to note is there may be a 10 months supply on the market now….but a 13.3 months supply regarding price. The low end homes are selling (just like in the recent past) but very few high end. I’m curious who is buying the low end….owner occupied or landlord/rehabs for rent? What will be interesting to see is how deep the ND market is? Will the market be saturated by the time Eddy Street Commons comes on line? The desire to invest in real estate has absolutely tanked. Second, third, forth home buyers are not nearly as excited as they were 3 years ago. Pendle Woods is going on its 5th year of construction (and probably on to a 6th year). North Douglas is off to a very very slow beginning (will it go apartment?). Keenan Court is DOA. Numerous condo-hotels never get built. Notre Dame Avenue Townhomes is DOA. Colfax Place and JMS projects are dead. Stadium Club is dead and back to apartment. That other Notre Dame Avenue project (very high end townhomes thingy at the bend of ND Ave) has not made a peep. Woodbridge Villas is almost dead. Woodbridge Condos are back to 2001 with many on the market. Oak Hill has a ton of inventory too. There are even several Jamison Residences for sale.

The Oak Hill sale was just silly. Something seems fishy. Or an out-of-towner bought it who is a bit clueless on the local market and couldn’t afford a unit in Irish Crossings or The Wexford Place.

Another scatter graph of sales would be helpful. Keep up the good work!

Reply

Nick Molnar May 1, 2008 at 1:08 pm

I’ve added the scatter graphs to the original post. Hopefully you find them informative.

Reply

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