The South Bend area housing market continues to see many more homes for sale than willing buyers. Lending practices are tightening as the sub-prime mortgage fallout is revealed, many of the Notre Dame students /fans who will buy have done so, and Fall is approaching – a time when fewer people move. If you are serious about selling, you should do everything in your power to make your home rise above the pack if you want it to be the one out of eight or ten that sells this month. Here are the numbers:
Houses Listed as of 8/31: 2,466
Houses Sold 8/1 – 8/31: 329
Low price sale: $3,000
High price sale: $1,125,000
About 13% of listed houses sold this month.
Townhouses/Condos Listed as of 8/31: 88
Townhouses/Condos Sold 8/1 – 8/31: 10
Low price sale: $64,900
High price sale: $325,000
About 11% of listed townhomes/condos sold this month.
Villas Listed as of 8/31: 62
Villas Sold 8/1 – 8/31: 12
Low sales price: $110,900
High sales price: $372,998
About 19% of listed villas sold this month.
Unit sales are down 22%-25% for the year compared to both 2005 and 2006. A record number of homes for sale that keeps growing each month with 8 months+ of supply. There is little economic growth in the area. Looks pretty bad and again the second half of 2008 it could improve but with the growing inventory I am starting to think spring 2009. This is clearly a buyer’s market with indication as to when that will change. The strong sales for the ND market have remained, but with the record breaking blowout for the home opener, that will dampen a bit too. I suspect we’ll have fewer people in real estate sales now that the decline in sales has entrenched itself. Our real estate market, like the ND football team, looks anemic, slow and stagnant.
Thanks for posting the monthly sales. It is informative, even if the reality is a tad depressing.
Sold my house in under a month! Honestly if you price your house fairly (who does nowadays) as I did any seller should do fine. You can play the “countering” game and price it high and let it sit for a year or so or do what I did and sell it. Also Craigslist is a great place as especially with the power of the internet it hits an almost global looking market. Too bad everything revolves around ND in this town, or that is the excuse everyone uses, versus admitting that the SB economy is awful, unless you want to work in food service on Grape Road. Not sure you can afford a home on a Chili’s wait salary……