The Northwest Indiana real estate market is beginning to see a trend in higher average prices and reduced inventory. As a result, there has been an increase in multiple offer situations, reports Jeanne Sommer, broker/owner of CENTURY 21 Alliance Group in Valparaiso, IN.
Despite the low supply, the elevated prices keep the market healthy in Northwest Indiana. “Unlike last year,” Sommer said, “the increasing prices have definitely shifted the market in favor of the seller.”
According to the latest real estate data, both Lake and Porter Counties have experienced an increase in the average prices of homes in the first 6 months of 2014 when compared to the same months in 2013.
Century 21 Alliance Group's listings in the $101,000 to $149,000 price range have received the most buyer attention of the showings scheduled in June. The second most viewed price range was properties listed from $150,000 to $199,000.
In addition, the number of days a property is listed on the market is consistent with data from last year. As a whole, Porter County has seen a small decrease in market time, down from 141 to 133 days. Specifically in Valparaiso, the amount of time a property usually spends on the market has stayed at 133 days from 2013 to 2014. All data was provided by the Greater Northwest Indiana Association of Realtors and calculated from January 1 to June 30 in 2014 and compared to the same time period in 2013.
For more information on the latest local real estate data, contact CENTURY 21 Alliance Group at 219.462.2090.