October 2019 vs 2018
Northwest Indiana Home Sales and Values
Northwest Indiana Home Sales are still strong in October! The average home sold for 4.69% more per square foot in October of 2019 compared to 2018. That’s a very good steady increase in home values in a year to year comparison. Another thing is homes are selling slightly faster at a total average time of 65.72 days in October of 2019 compared to 66.36 days in 2018.
Now one thing I did notice is the amount of closed transactions is down again slightly by 2.89% with 1039 properties closing in 2019 compared to 1070 in 2018. Now this reason here is the main factor in the price per foot value increasing. See with the lack of inventory on the market it’s driving up home prices.
Now, this is another month with down sales. In-fact the only month this year with an increase of closed homes was Sept. Primarily due to the drop-in interest rates at the end of June early July. Where they were about 3.5% – 3.75% for a conventional mortgage. Now they’re just under 4%. Some say the rates will be coming down again, but we shall see.
Personally, if rates stay under 4% and drop even lower like some are suspecting home values should continue to rise.