Status of the South Bend Area Housing Market: 04/01/07

by Nick Molnar on April 1, 2007

March 2007 sales data from the Greater South Bend-Mishawaka MLS is now available. My perception was that there is more activity this month based on the number of showings of our listings and the number of buyers we are working with, but the sales figures are mostly unchanged. There are still about 2,000 houses for sale and about 100 condos or villas. There were 231 houses sold in March compared to 249 in February, and there were 19 condos/villas sold in March- three more than in February.

Beginning with this report I’m breaking condos away from villas in the statistics. Condos are individually owned pieces of a larger building where owners share common space.  Villas are standalone houses that have private yards and are sold with a mandatory maintenance plan that includes lawn care and snow removal.  Townhouses are attached units that visually are somewhere between condominiums and villas. Not every agent classifies their listing correctly so there may be slight inaccuracies, but I think it will help provide a fuller picture of the South Bend housing market.

Houses Listed: 2,032
Houses Sold 3/1 – 3/31: 231
About 16% 11% of listed houses sold this month.

Townhouses/Condos Listed: 60
Villas Listed: 42
Townhouses/Condos Sold 3/1 – 3/31: 15
Villas Sold 3/1 – 3/31: 4
About 25% of listed townhomes/condos sold this month.
About 10% of listed villas sold this month.

Archived South Bend market reports:
January 2007
February 2007


{ 3 comments… read them below or add one }

NDtom April 13, 2007 at 12:19 am

The statistic on houses sold should say “About 11% of listed houses sold this month.”, not 16%, for March 2007.

An updated graph of sales by month for 2005, 2006, and now 2007 would be nice to see. As of now, it would show that 2007 sales are down (around 15% if I read the graph correctly). compared to last 2006 and 2005. I lot will depend on why sales were down in March compared to past years. The numbers may need to be double checked though to be sure. Maybe April will make up for it?

A graphic on dollar volumn would be interesting too. Just a thought.

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Nick Molnar April 15, 2007 at 5:57 pm

Thanks for catching my error NDtom. I’ve updated the post accordingly. I’ll try to get some of the graphs you mention up before long.

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NDtom April 18, 2007 at 10:43 pm

With January reported at 9% of listings, February at 13% of listings, and March at 11% of listings that would make an average of 11% of listings sold each month (more or less). That would mean there is approx. 8 months of inventory on the market which would be a “Buyer’s Market” by anyone’s definition now. Hmmm, it would seem the April numbers will be important to see if this is fluke or not. Sales should pick up now that it is warm, but will they pick up enough to make up the difference? Anyone have any thoughts on this?

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