Status of the South Bend Area Housing Market: March 2008

by Nick Molnar on April 1, 2008

Here are the March figures from the South Bend Area MLS, which primarily covers South Bend, Mishawaka and Granger properties. Sales are flat from last month and only two condos sold. I’ve seen a significant increase in inquiries and traffic to this web-site, but that hasn’t been reflected in the sales numbers. If you need help interpreting these figures and acting advantageously, or would like to see the data for your sub-market, contact us.

Entire MLS (residential)
Listed today: 2,576 properties / combined list price of $379,727,078
Sold in March: 219 transactions / $22,063,189 in volume
Noteworthy: $22 million in volume is the lowest sales figure in March for the online data set available to Realtors, going back to 2002.
South Bend-Mishawaka MLS 2008 Sales Volume by month

Single Family Houses
Listed today: 2,338 – up slightly compared to to February 29th’s 2,246
Sold in March: 209 – nearly identical to February’s 206
Noteworthy: Despite the changing mortgage industry, conventional loans are still the most common way to buy a house. Of the 209 sales in this category, 94 used conventional financing, 76 were cash deals, 30 were FHA loans, 6 were VA loans, and 3 used other financing.
Single Family House Sale Prices in the South Bend Area, March 2008

Townhouses/Condos/Villas
Listed today: 238 – up from 189 on February 29th. This number is somewhat inflated by the inclusion of 27 Main Street Condos that seem to be in the mls as something of a market test.
Sold in March: 10 – down from 12 in February
Noteworthy: Just two of the ten March 2008 sales in this category were condos, one at Irish Crossings and one at Oak Hill. The other eight were villas.
Condo/Villa/Townhouse sale prices in the South Bend Area, March 2008


{ 3 comments… read them below or add one }

SB Market Watcher April 3, 2008 at 2:26 pm

I was surprised to see that there weren’t any closings for North Douglas Condos here. It is a decent project, reasonably priced, but needs garages. What doesn’t surprise me is that Keenan Court hasn’t sold any units….it is surrounded by Section 8 and transient rental homes that are declining in value. I guess it will be slow going…

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Jonathan April 5, 2008 at 10:40 am

I’ve also heard there is a large residential builder who is in some serious financial problems. Not surprising given the current market but from what I was told they took on way too much overhead these last few years and are looking to sell off and even rent out large amounts of their office space. My concern would be future warranty claims and what happens if the neighborhood isn’t built out. I suspect we will see several builders go out of business in our are before all of this is done.

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joslin April 6, 2008 at 5:53 pm

can you provide information about sales in zip code 46530- PHM school district? Also it will be nice to have information about which types of house sells faster: ranch/ no of bedrooms etc..

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