Home Values, Real Estate, Weekly Review

Portage Indiana Real Estate Market as of December 24th

December 24, 2010 by · 2 Comments 

For the week ending December 24th, the Portage Indiana real estate market remained strongly in favor of buyers. Downward pressure on prices continued as the median list price of homes in Portage Indiana dropped to $158,450. The price per square feet, likewise, continued to slide to $94 per square feet.

There was one bit of good news for the market.  Recent home sales have been exceeding inventory of new homes being listed on the market.  Last week 17 homes were sold, but only 6 were newly listed. There are currently 240 homes for sale in the Portage Indiana real estate market including the Town of Ogden Dunes.

The median home size for Portage Indiana homes is currently 1,792 square feet and median lot sizes are between .25 and .50 acres.

If you were selling a home in Portage Indiana, you can expect average your time to sell (Days On Market) between 5 and 8 months, your days on market will vary, of course, depending on the price range, the condition, and assuming it was priced correctly in the first place. Homes outside the range of similar properties will not get much activity until the prices are brought into line with the range of its’ competitors.

Portage Indiana Real Estate Market as of December 24th by Steve Cardwell

Portage Indiana Real Estate Market as of December 24th – Quick Picks of the Week

A review of active home listings in Portage Indiana showed some of the best real estate buys of the week are two distressed (short sale) homes. One in the upscale Landmark Acres community, for only $199,000; and a large 2,750 sq/ft home in Charletta Hills, near Hamstrom and Central, for less than $180,000. There are many other great buys across the Portage Indiana’s major subdivisions: Savannah Heights, Brookview, Sandalwood, and so on. With 260 homes listed for sale in Portage Indiana real estate market, there is a great deal to choose from.

A note for bargain hunters: short sale homes require a longer time line for negotiations and closing, and there are certain drawbacks compared to buying a conventional property. However if you can put up with the sometimes frustrating delays, it is possible to buy a home for a discount. Distressed homes are not for everybody, so explore all the various pro’s and con’s before you diverge from the road of move-in-ready homes from a conventional buyer, rather than from a bank or distressed buyer.

If you are ready to buy or to sell a home in the Portage Indiana real estate market, text me at (312) 802-2977.

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Steve Cardwell

Steve Cardwell is an Indiana Realtor working with residential buyers and sellers throughout Northwest Indiana. He likes to stay current on the housing market by analyzing real estate trends with a focus on the towns of Highland and Munster Indiana. His broker affiliation is Red Key Realty Leaders in St John, Indiana. Learn more about Steve and visit www.SteveCardwell.com.

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Comments

2 Responses to “Portage Indiana Real Estate Market as of December 24th”
  1. You make a great observation about some of the pitfalls of a short sale. Nonetheless, definitely looks like there are some holiday specials in the Portage Indiana real estate market. Merry Christmas!

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