WHAT'S GOING ON IN THE INDIANA
Here you can find the latest residential market trends for Northwest Indiana. Understanding the months of inventory, list-to-sold price percentage, median days on the market, and median sold price is essential to becoming an educated buyer or seller. You can compare the data to the value of your own home and use it to price it accordingly. It is also a helpful reference point when searching for potential new homes to compare with other homes in the same area.
Data Found On Realtors Property Resource®, LLC
December Market Trends
One of the key metrics we will be exploring is the Month's Supply of Inventory. Currently, the market has a supply of inventory that would last for approximately 2.89 months. This means that, based on the current rate of sales, it would take 2.89 months to sell all the available properties. This figure gives us a good indication of the market's competitiveness and can help both buyers and sellers gauge their strategies accordingly. Next up, we have the Median Days Homes are On the Market. Currently, homes in this market are spending an average of 21 days on the market before being sold. This figure indicates a fast-paced market where properties are being snatched up relatively quickly. Moving on to the List to Sold Price Percentage, we see that homes in this market are selling at a rate of 97.1% of their listed price. This figure suggests that sellers have a relatively high success rate in getting close to their desired price, while buyers may need to be prepared to negotiate or make competitive offers. Lastly, we have the Median Sold Price, which currently stands at $255,000. For buyers, this can serve as a benchmark when evaluating the affordability of properties, while sellers can use this information to gauge the potential value of their own homes.
December Market Trends
Firstly, let's examine the Month's Supply of Inventory, a crucial metric that indicates the number of months it would take to sell all the currently available homes if no new listings were added. With a value of 2.82, we can infer that the market is currently favoring sellers. This low figure suggests that there is a limited supply of homes compared to the demand, resulting in a competitive market where sellers have the upper hand. Moving on, we have the Median Days Homes are On the Market, a metric that showcases the average time it takes for a home to sell. With a mere 19 days, we can see that homes are moving quickly in this market. This quick turnover could be attributed to the high demand and limited supply we mentioned earlier. Now, let's delve into the List to Sold Price Percentage, which represents the ratio of the final sold price to the initial listing price. At an impressive 98.1%, we can conclude that sellers are achieving close to their desired asking prices. This high percentage suggests that there is little room for negotiation, emphasizing the competitive nature of the market. Lastly, we have the Median Sold Price, which provides a snapshot of the midpoint price for homes sold in the market. Currently standing at $323,000, this figure highlights the overall value and price range of properties in this market.
St. Joseph County
Let's begin with the Month's Supply of Inventory, which currently stands at 1.64. A lower value indicates a seller's market, where demand exceeds supply. So, with a month's supply of inventory at 1.64, we are experiencing a highly competitive market with limited inventory. Moving on, we have the Median Days Homes are On the Market, which is currently 16. With lower median days on the market, we can infer that properties are selling quickly. This indicates a strong demand and a sense of urgency among buyers. Sellers should be prepared for potentially fast-paced transactions and be ready to act promptly. Next, we have the List to Sold Price Percentage, coming in at a commendable 97.5%. A higher percentage indicates that homes are selling close to or even above the asking price. Finally, we have the Median Sold Price, which currently stands at $182,500. It is important to note that the median sold price can vary depending on the location and property type, so it is crucial to consider this metric within its local context. Buyers can use this information to gauge the affordability of homes in the market, while sellers can set realistic expectations for their property's potential selling price.
December Market Trends
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