Market Overview

Condo And Townhome Market In Lake County Indiana Special Report

July 13, 2011 by · 3 Comments 

Condo’s and duplex town-homes represent an important portion of our real estate market. The market fluctuates a little differently than single-family residential homes.   We find there were several waves of condo construction here in NWI. The first was in Munster, Indiana, where we see some buildings more than 30 years old. But in most other communities the building wave didn’t occur until the late ’90’s and early 2000’s, so most units here are less than 15 years old.

Your total monthly expense can be affected by what kind of services are provided by the property owners association; if there are “common elements”, amenities like a club-house, elevators, or pool; what landscaping and snow removal services are provided. The age and condition of  condo’s in our area play a part in their resale value, just like single family’s. An association may sometimes need to perform a make over, or pay for a major repair, requiring the owners to chip in their respective shares.

Condo Market Survey:

Here is a brief round-up of the current market.  The data below referred to as the “market spread”  represents the middle range of the market, where the asking prices for the majority of homes published occur. There will be some units which are higher and some lower than these numbers but we are representing the greatest number of the market’s mid-section. Median is the center point where 50% is above, and 50% is below that point. Actually selling prices will vary depending on the negotiated price between buyers and sellers. FYI, the median price for Chicago condos was recently calculated at $243,000, down from $265.000 a year ago. If you want more detailed information on a specific development or neighborhood, please send an email or text for your own custom market analysis.

Dyer, Indiana

Stats:

Market Spread:  $132,450 - $222,000
Median List Price:  $166,853
Current Market Inventory:  55
Average Days-On-Market:  210 Days
Average Price-Per-Square Foot:  $115

Trends:

The Dyer Indiana market has been basically flat for the last two years. Recently inventory has tightened and days to sell has lengthened. No big changes are expected.

Schererville, Indiana

Stats:

Market Spread: $121,900 - $269,900
Median Price:  $163,500
Market Inventory:  108
Average Days-On-Market:  179 Days
Average Price-Per-Square Foot:  $105

Trends:

Demand is increasing and inventory is shrinking. If this continues we can expect prices to increase but so far that has not yet happened as the market absorbs some of the substantial existing inventory. Short term,  prices in Schererville Indiana are flat to falling but this may change if the sales exceed new listings

Highland, Indiana

Stats:

Market Spread:  $84,950 - $164,050
Median Price:  $129,900
Market Inventory:  56
Average Days-On-Market:  186 Days
Average Price-Per-Square Foot:  $100

Trends:

Home sales have been exceeding inventory for several weeks. Inventory is tightening and days-on-market is falling. This represents rather bullish forecast for the Highland Indiana market. Watch to see if prices begin to creep up at this point.

Munster, Indiana

Stats:

Market Spread:  $92,900 - $209,900
Median Price:  $ 122,900
Market Inventory:  55
Average Days-On-Market:  216 Days
Average Price-Per-Square Foot:  $96

Trends:

Munster Indiana condo prices have been declining for two years. However inventory has been decreasing recently  as more units are being sold than new ones are coming on the market. This is a positive indicator for the long term. As existing home inventory is bought up, prices may recover, and eventually increase.

Crown Point, Indiana

Stats:

Market Spread:  $112,000 - $225,000
Median Price:  $149,900
Market Inventory:  196
Average Days-On-Market:  186 Days
Average Price-Per-Square Foot:  $102

Trends:

Prices are rising but so are the number of homes in inventory. With more competition of sellers, this indicates a weakening outlook for prices in the Crown Point Indiana market.

The Condo Take-Away:

While condo’s and town-homes can represent just as much of a luxuriant lifestyle as a single family residence, people who seek out these communities may want the features of an association-maintained development, may be career professionals who travel or have demanding jobs; they may be empty-nesters who may not want the demands of a big house and yard. In Lake County, it is a smaller market so sellers may find it takes a little longer to a find a buyer than a single family residence. With smaller yards, the prices are more reasonable and price per square foot are lower which makes them easier to buy.

Recent changes in FHA guidelines make it important to consult with your mortgage professional because not all developments have the same certifications you need to obtain the more desirable FHA mortgage loans. Contact me for more information if you are considering a condo or town-home purchase.

 

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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

3 Responses to “Condo And Townhome Market In Lake County Indiana Special Report”
  1. Condos and town-homes can be a great value for first-time buyers, and folks who are down-sizing from a larger spread. The feeling of community can be different than conventional residential neighborhoods too.

  2. Condominiums in Lake County Indiana can definitely be an affordable alternative for busy households who don’t want the hassles of exterior maintenance and who desire extra amenities such as swimming pools and workout facilities. As you alluded to in your blog post, the only caveat of condominium financing is their collective acceptability to Fannie Mae, FHA and VA. Definitely speak to a qualified mortgage professional before you fall in love with the condominium of your dream.

  3. Jim Sims says:

    Those are some really good prices for the areas too! While condos and townhomes are not for everyone, they have a lot of benefits for those looking to retire without the landscaping hassle or for those professionals that just don’t have a lot of time.

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