Status of the South Bend Housing Market: 10/01/07

by Nick Molnar on October 1, 2007

It’s October, and we now have the complete Greater South Bend-Mishawaka MLS data for September to review. The number and volume of closed sales is down from the peak summer months but houses are still selling at a volume and rate similar to what we saw in March/April.

For this report, I ‘ve included additional charts to detail the number and volume of sales by month. They should help fill in the picture of what is happening in the area. But, as always, please use these numbers as a general guide and nothing more. There are imperfections in the separation of condos and villas within the MLS and a number of newly built condos have been sold outside the MLS to cite two simple examples of reasons to consult someone familiar with the market before making any significant decisions based solely on statistics.

Houses Listed as of 10/1: 2,391
Houses Sold 9/1 – 9/30: 250
Low price sale: $4,000
High price sale: $872,320
About 10% of listed houses sold this month.

Townhouses/Condos Listed as of 10/1: 94
Townhouses/Condos Sold 9/1 – 9/30: 3
Low price sale: $75,900
High price sale: $189,000
About 3% of listed townhomes/condos sold this month.

Villas Listed as of 10/1: 59
Villas Sold 9/1 – 9/30: 12
Low sales price: $92,500
High sales price: $367,495
About 20% of listed villas sold this month.

MLS graph - South Bend Area Market Activity

MLS graph - South Bend Area Market Activity - Number of Sales by Month

MLS graph - South Bend Area Market Activity - Volume of Sales by Month

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NDtom October 1, 2007 at 2:29 pm

Averaging the sales over the last 9 months, there is an 8+ supply of units on the market. My prediction – buyer’s market will remain throughout 2008 and may continue until spring 2009.


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