Market Overview
Highland Indiana Real Estate Market Year In Review
January 4, 2012 by Steve Cardwell · 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.
With 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.
Chesterton Indiana Real Estate Recap September 2011
The homes for sale in Chesterton Indiana has continued to increase again in September for the eight consistent month!! This is not only incredible in itself but compared to national and regional averages, Chesterton Indiana is the place to sell a home in today’s market!
With the increased price of $229,850 for a single family home in Chesterton Indiana, sellers can expect the property to sell in 234 days, just a 2 day increase from August.
Buyers looking in the Chesterton Indiana real estate market today may be paying a little more for their home but with month-to-month increases can be more optimistic that the value of their home will remain the same or increase over time as well.
At this month’s median price of $229,850 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 2,054 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 24 New Listings
- 38 Sold Listings
- 196 Homes Listed
- 234 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
Chesterton Indiana Real Estate Recap August 2011
The weather may be cooling down but Chesterton Indiana real estate market is remaining hot. The median home prices continue to increase once again in August to $222,000. This is another $2,100 median price increase over July 2011’s increase of $5,000.
With the median prices of Chesterton Indiana homes for sale are increasing, the average days it takes to sell in the Chesterton Indiana real estate market has increased another week from 218 to 225 days before being sold. Even though it takes a little longer to sell, it is selling for a higher price which is good for sellers and buyers that may look to sell in the future.
With prices continually increasing in the Chesterton Indiana real estate market, it shows signs that Chesterton Indiana is the place people want to live.
At this month’s median price of $222,000 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 2,054 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 29 New Listings
- 42 Sold Listings
- 211 Homes Listed
- 232 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
Real Estate Market Watch Munster Indiana 9/02/11
September 5, 2011 by Steve Cardwell · 1 Comment
Munster Indiana Market Pulse:
Munster Indiana home prices experienced a Spring price bump up. But more recently prices have fallen back near their earlier bottom resistance threshold.
Despite the price situation, overall, the market for residential homes in Munster has been strengthening with gradually more homes per week being sold, and the average home still requiring about 6 month to sell. The median price of Munster Indiana homes is currently $229,000, roughly the same plateau it had been at the beginning of the year. The current market is stable and unremarkable with few changes in any of the fundamental charts. Prices rallied at the end of June up to a median price of $239,000 but fell back down again in August to the low point they are now and were back in the Spring.
Featured Listing:
This modest and affordable Cape Cod style home is in the heart of Munster’s Independence Park neighborhood. This hideaway enclave has no thru-streets which enhances the village feel and your privacy. The practical sensibilities of this 1940′s style home may transport you back to another time, but this is the real deal. With updated electrical and plumbing, new siding and roof, what’s not to love? As a bonus, there are hardwood floors under the carpeting if you want to go all the way with a retro look. At just $100 per square foot and low taxes, this Featured Listing is a great deal.
Like what you see? Contact me for a preview, or for your own custom Buyer’s Search profile, with listings selected according to your own selection terms. These bulletins are automatically emailed directly to your Inbox for your evaluation each time there is an update in “your” market.
Munster is on the move so take advantage of the economic factors favoring move up buyers; whatever your price range. If you have outgrown your apartment or condo, this home would make a perfect move. Contact me for complete information.
Munster Indiana New Retail Shops Open Soon on Calumet Avenue
September 2, 2011 by Steve Cardwell · 1 Comment
Panera Bakery Is a Hit!
By now most of our readers have probably visited the new Munster Indiana, Panera Bread Bakery Cafe, on Calumet Avenue, at least once. The new retail complex signifies a new renaissance as the old Carpetland store is now just a memory. Highland Indiana developer Bruce Boyer is wrapping up the second phase of the Munster Shops project with the opening of the new retail mall to the South of the Panera Bakery. The building is up and the build-outs are ongoing. Here is the list of the new establishments we can plan on visiting by year-end:
Medical Practices:
- AAC Orthodontics; Doctors Lisac & Hill, are moving their practice from another office in the neighborhood to the new Calumet Avenue Mall.
- NWI Urgent Care (At press time we could not locate any details about their practices.)
- Premiere Physical Therapy
Retail:
- Sprint Cell Phone Outlet
- Big ‘n Little Shoes (Moving from their current location on Ridge Rd. )
Restaurants:
And speaking of news from the health care sector, watch for more changes as the recently announced merger of the Hammond Clinic is solidified into the large region-wide Franciscan Hospital system. With Franciscan and Community Hospital both taking on larger roles, Munster Indiana’s place as a regional medical powerhouse continues to grow. For medical professionals, consider how a move to Munster may help your career and help you live closer to your work. Contact me for some options if you would like assistance planning the many details of your relocation.
Chesterton Indiana Real Estate Recap July 2011
Chesterton Indiana continues to prove that the real estate market is not in a continuing downslide still.
Median home prices have increased once again this to $219,900. This is another $5,000 median price increase over July 2011.
While the median prices of Chesterton Indiana homes are increasing, the average days it takes to sell in the Chesterton Indiana real estate market has increased from 218 on average to 225. Even though it takes a little longer to sell, it is selling for a higher price which is good for sellers and buyers that may look to sell in the future.
Buyers in the Chesterton Indiana real estate market can continue to review the median prices along with the average days on market to determine what position they will be in within the market when they become the seller in the coming years.
At this month’s median price of $219,900 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 1,995 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 36 New Listings
- 28 Sold Listings
- 224 Homes Listed
- 225 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
Condo And Townhome Market In Lake County Indiana Special Report
July 13, 2011 by Steve Cardwell · 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.
Chesterton Indiana Real Estate Recap June 2011
July 8, 2011 by Jim Sims · Leave a Comment
It is a great time to sell a home or buy a home in the Chesterton Real Estate market!!
Median home prices have increased once again this to $214,900. While it is a slow increase since February 2011, the real estate market is doing a steady increase.
Along with the increased median prices, the average days it takes to sell in the Chesterton Indiana real estate market is decreasing. For June 2011, the average days on market before selling was 218, down 7 days from May 2011 at 225 days to sell.
This is a good indication for those selling homes in the Chesterton Indiana real estate that they will be able to sell their home faster for closer to their listed price than in previous months.
Buyers in the Chesterton Indiana real estate market can continue to review the median prices along with the average days on market to determine what position they will be in within the market when they become the seller in the coming years.
At this month’s median price of $214,900 you can expect:
- 3 Bedrooms
- 2 Bathrooms
- .25 – .50 acres
- 1,960 square footage
Chesterton Indiana Real Estate Month At A Glance:
- 41 New Listings
- 32 Sold Listings
- 233 Homes Listed
- 217 Average Days on Market
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
Chesterton Indiana Real Estate Recap June 16, 2011
June 16, 2011 by Jim Sims · Leave a Comment
Buying a home or selling a home in the Chesterton Indiana real estate market? One of the things to look at is the price per square feet of other comparable homes in your market.
The current price per square foot in Chesterton Indiana is $115.00. With this information buyers in the Chesterton Indiana real estate market can determine what size home they can afford.
For example, for those looking at a 3 bedroom home with 2 bathrooms, you can determine the approximate square footage based on the size of the rooms you are looking at. If the bedrooms are larger size then the square footage of the home may be larger as well.
If we look at the median square footage of 1940 and accompany this with the median price per square foot of $115.00, we can determine that the approximate price of the home would be in the range of $223,100.
At this week’s median price of $214,900 you can expect:
- 3 Bedrooms
- 2.5 Bathrooms
- .25 – .50 acres
- 1,940 square footage
Chesterton Indiana Real Estate Week At A Glance:
- 14 New Listings
- 5 Sold Listings
- 233 Homes Listed
- 213 Average Days on Market
This is Chesterton Real Estate Recap June 16, 2011
Do you or someone you know want to buy a home and/or sell a home in Chesterton Indiana?
Call or text 219-649-1296 or email me (jim@jimsimshomes.com) to help you get started!
