July 2019 Vs. 2018
Northwest Indiana Home Sales and Values
Well, the market is still doing well. Now the number of sales in July were down in 2019 compared to 2018 by only 3.03%. That’s the lowest decline in closed single family homes in a while with 1120 being sold in 2019 compared to 1155 in 2018. Now, that’s not really a bad thing, if you’re a seller that is. See we currently have a lack of inventory which is making home prices go up.
Now this is the lowest average gain we’ve seen all year doing the monthly comparison, but home prices on a finished square foot base was up 2.61% in July of 2019 over 2018. Which is a good standard gain.
One thing I wasn’t expecting to see is the average market time is up 11.47% from 62.5 in 2018 to 69.67% in 2019. It’s a seller’s market still but what we’re seeing is buyers are getting pickier. Which also means, they’re requesting additional repairs. So, if your home is not ready to be on the market and really it needs repairs. It’s best to do that before it goes on the market.
Another key factor is the percentage of homes sold within 30 days. In 2019 43.13% of homes sold within 30 days with a list to sale price of 99.32% compared to 41.39% of homes in 2018 with a list to sales price of 99.17%.
Now that was homes within 30 days the list to sales price. The average throughout the MLS for residential properties in 2019 went up slightly to 97.91% compared to 97.86% in 2018.
It is still a SELLERS MARKET and if you’re thinking of buying or Selling a home you want to make sure you have the Wright person in your corner. We are still seeing multiple offers on a lot of nice listings. Personally, I think it’s only going to get worse. Especially since rates are around 4% compared to 5% – 6% just 7 or 8 months ago.
I got all this information directly from the MLS and it only includes Residential listings in Northwest Indiana. Our MLS includes Porter County, Lake County, LaPorte County, Jasper County, Newton County, Starke & Pulaski Counties.