Existing Home Sales, Market Overview

Highland Indiana Real Estate Market Year In Review

January 4, 2012 by · Leave a Comment 

It was another rough year for Highland Indiana homeowners who needed to sell. The roller-coaster ride that has been rumbling since 2007 continues to swing both ways. Unfortunately for 2011, that swing has been down. The average home price peaked in the summer of 2010 and has been slowly declining ever since, with a dip in the median price from this time one year ago of $160,000 to the current median of $147,000, a loss in value of about $13,000 on average.

Over that same time, the important price-per-square-foot trend that is used by appraisers and lenders to benchmark homes of different size proportions, also declined by about 20%, from $110/ft last January to only $88/ft currently.

Highland Indiana Days On Market vs InventoryWith a lack of buyers in the market due to the economy, the Days-On-Market statistic that Realtors use to gauge the market turnover has jumped from a reasonable 132 days to a lethargic rate of 192 days currently (see blue graph). Condo’s were less affected than single-family homes; their values held and their days t0 sell remained fairly flat throughout the year.

One bit of good news: recent trends point to a decline in overall inventory. There are currently 73 homes for sale in Highland but existing homes are selling slightly faster than new homes are coming on the market (orange graph shows units). That gradual decline in the number of homes for sale should eventually help to stabilize the slide in prices as the supply and demand become equalized.

If you are considering purchase of a home in Highland Indiana, this is an outstanding time to be in the market. Next door in Munster, Indiana, prices are climbing. Consequently there are opportunities for the savvy shopper who can appreciate the wonderful parks, schools, highway access and convenient commercial districts available to Highland residents. The down cycle will not last indefinitely. Highland prices will eventually turn positive to match the trend of it’s community neighbors . Contact me if you need more specific information about a particular home or neighborhood. A new home for the new year has a nice sound.

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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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