Status of the South Bend Area Housing Market: February 2008

by Nick Molnar on February 29, 2008

This month we are dropping the average prices for scatter graphs that show more information more quickly. We are also grouping condos, villas and townhouses. As always, feedback on the numbers and format is appreciated in the comments.

Entire MLS (residential)
Listed today: 2,440 properties / combined list price of $338,078,129
Sold in February: 218 transactions / $22,539,156 in volume
Noteworthy: This month was more active than last month’s $17,188,951 in sales, but just 68% of February 2007’s $32,908,117. More information on previous years here.

Single Family Houses
Listed today: 2,246 – nearly identical to January 31st’s 2,234
Sold in February: 206 – up from 174 in January
Noteworthy: These numbers inlcude 64 cash sales under $50,000. That’s 31% of all February single family home sales.

February 2008 Single Family HomeSales - South Bend Area MLS

Townhouses/Condos/Villas
Listed today: 189 – up a bit from 180 on January 31st
Sold in February: 12 – up from 7 in January
Noteworthy: This month saw the first sale in Oak Hill since 9/13/07, for 90% of asking price. With a second unit pending in the complex it could be a sign that the impasse is over with sellers starting to realign their prices to the market and buyers conceding more value in a walk-to-Notre-Dame location.

February 2008 condo/townhome/villa sales South Bend Area MLS


{ 2 comments… read them below or add one }

NDtom March 1, 2008 at 12:18 am

Always interesting to see the end of month numbers. It would be nice to see the breakout between attached and detached homes for the “townhouse/condo/villa” market. Any word on sales in the new Stonebridge Villas (are they run through the MLS) since was wondering how well received they would be….look nice on exterior, limited storage without a basement, nice floorplans, but priced like a detached home with somewhat limited privacy. I wonder if there is competition between Stonebridge and The Forest and Savanna Pass?

Also, interesting to see the very small $300K+ homes that sold.

Regarding Oak Hill, inventory was accumulating including FSBO units so the prices had to decline sometime. I suspect that prices will continue to decline there with sellers best advised to clear out in 2008 since a lot of better competition is coming down the road in 2009 and beyond. I don’t think Oak Hill will ever get as bad as Stadium Club, but they are 20 years old so are getting a bit long in the tooth.

Lastly, as mortgage rate spread widens over short term interest rates, I wonder how much effect a Fed Funds Rate cut of 1/2 point will have on the 30 year fixed rate? Right now, the only real stimulus in a national home price decline will be the 30 mortgage rate.

Keep up the great work Nick.

Reply

Dave March 18, 2008 at 10:34 pm

I’m selling my home in March of 2010 and am already starting to worry about the South Bend market. I know it’s two years away but it doesn’t look pretty. I’m kicking myself for buying my place last spring. All of the research I did told me to rent for the three years I’d be here but I didn’t. You should never doubt your inner voice.

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