May 2020 vs. 2019
Northwest Indiana Home Sales
May 2020 compared to May 2019 Home Sales were strong considering everything going on! Now the amount of closed residential homes here in NWI were down 27.89% but that is a lot better than what it was looking like. Now, with home sales being down 1 thing I noticed is the price per square foot increased by 1.76%. Mainly this is the case because of the lack of inventory available for buyers. Homes also sold 1.53% faster in May of 2020 compared to 2019. Also, 45.8% of homes sold within a 30-day period! Really this number is higher because the day clock does not stop until after the inspection time frame is over. This is something I’ve mentioned to the board on a few occasions.
I personally think we are going to see a strong market with home prices rising throughout the year. Part of the reason I say this is because lower interest rates creates more buyers and increases the buyers purchasing power. When this happens home values tend to rise. Especially when you have a lack of inventory for these buyers.
Now the numbers I used in this come directly from the GNIAR MLS and include home sales in Porter, Lake, Laporte, Newton, Jasper, Pulaski, and Stark Counties.