January 2019 vs 2018 Home Sales and Values
Northwest Indiana Home sales have been extremely strong year after year. With that being said, are we starting to see it reverse or maybe just level off?
One thing that really caught my eye was the number of Residential properties closed in the month of January. The closed transactions in Jan of 2019 was down 11.66% with 568 Closed transactions compared to 643 in the prior year. That’s a rather drastic reduction in homes sold overall. Now, is that really a bad thing? Well, if you’re a buyer, yes! If you’re a seller, NO! See, there’s a lot of buyers in the market that can’t find exactly what they’re looking for which means when those nice, ready to move in homes get listed, they are selling rather quick! In fact, homes sold 8.23% faster (78 days) in 2019 compared to 2018.
Another key factor is the price per square foot. See, I work with that as an average instead of the median home sales price. I feel it gives a more accurate look at the current market in the area. In 2019, the average price per foot was up 7.97% ($95.16), which is a huge increase.
In my eyes, the reduction in closed transactions is because of a lack of inventory on the market, which in return brings the home prices up. Especially when the homes are show ready and priced right. We are still currently in a sellers-market at least for most home prices in Northwest Indiana.
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