 One definition of a buyer’s market is when the current supply of available homes exceeds six months demand, based on the last two years of sales. The average number of sales per month for 2005-6 in the Greater South Bend – Mishawaka MLS is 385. As of January 31st, 2007 there are 2,078 homes for sale. That is about a 5.4 month supply of homes – not enough to meet that definition of a buyer’s market but certainly a signal that sellers should dress to impress.
Houses Listed: 1,978
Houses Sold 1/1 – 1/31: 173
About 9% of listed houses sold this month.
Villas/Townhouses/Condos Listed: 99
Villas/Townhouses/Condos Sold 1/1 – 1/31: 10
About 10% of listed villas/townhomes/condos sold this month.
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