Home Sales in March of 2019 were rather strong in Northwest Indiana. The number of Residential properties sold in the MLS was down -8.76% in March of 2019 compared to 2018. I know this is a decline but that isn’t always a bad thing. There are a few factors to play into that role. A normal transaction takes about 30 to 45 Days which would bring us to accepted offers anywhere on average from Mid-January to Mid to the end of February. At that time the interest rates were close to 5% for a conventional loan with great credit. Since then the interest rates have come down about a half of a percent.
A good number was the average sales price per square foot was up an average of 5.39% in March 2019 compared to March of 2018. This is definitely a great number for Home sellers or even current home owners. Another number that sticks out is that homes took 6.31% longer to sell compared to the prior year.
Recently, the FED has changed their talks from Rate hikes to possible rate cuts in 2019. This is something you want to keep in mind. Maybe selling your home and upgrading isn’t such a bad idea now with interest rates going down. Either way, I’m here to help you and guide you into making the right decision in all your Real Estate needs.
All of these numbers are directly from the Gniar MLS board for all Residential properties.