Home Values, Market Insight

Highland Indiana Real Estate Market Summary, June 24, 2011

June 24, 2011 by · 1 Comment 

The Highland Indiana real estate market continues to trade in a narrow range this month. Although the market did experience a recent dip and a rebound, the pattern is not solid enough to point to a clear trend in market change.

Highland Indiana Real Estate Market Summary, June 24, 2011Prices have been trending gradually lower since their peak in October of  2010.  Currently prices are down 8.3% from that point.  This week’s Median List Price is$154,900, a stable equilibrium for Highland prices.  That mid-$150K level has been hit several times, both on up-side as well as down since the recession began in 2007.

Seasonal  patterns often show a spike up at the end of the traditional summer buying season, and we may still see one this year.  We might also see this curve continuing to simply flatten out, with all the weak economic news nationally in employment and housing starts affecting existing home sales. Looking back several years, the average range for Highland Indiana homes has “traditionally”  been in the mid-150’s, so we may see prices return to these levels as a new baseline.

The MLS shows 15 single family homes listed as PENDING with prices from $69,000 to $254,000. Altogether there are 103 for sale;  it takes 135 days on-market to sell the average Highland area home.

There are 3 condo’s and 6 duplex town-homes on the PENDING list in Highland Indiana. These are located in Porte de Leau, Georgetowne, Park Place, and Whispering Oaks developments, plus a few free-standing duplex units.  There are 36 condo’s on the ACTIVE list, seeking new owners, and 23 town-homes. Median asking prices are just under $130,000 and price-per-square foot is currently $102. Actual selling prices will be slightly less.

All these fundamentals indicate that it is still a strong BUYERS market, with interest rates remaining low and prices low as well.  If you know someone looking for a Highland area home or condo, make sure they know about my premium service for finding and selecting from ALL the available market inventory.

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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

One Response to “Highland Indiana Real Estate Market Summary, June 24, 2011”
  1. Home affordability in Highland Indiana real estate market is definitely in favor of home buyers. The one thing that potential home buyers should keep in mind especially if they need a home loan is that we never know when the government and big banks will raise the bar even higher to qualify for your next home loan.

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