According to statistics and analysis from Century 21 Alliance Group, real estate sales prices are up for Porter County and in three key markets which are Valparaiso, Portage, and Chesterton.
Below is a comparison of the housing market from the first half of 2015 to the first half of 2016. First half of the year (2016) housing market update for Porter County and the 3 key areas: Valparaiso, Portage, and Chesterton.
Porter County
Year - # Sold - Avg List Price - Avg Sales Price - Avg Days on Market
2015 - 1013 - $202,102 - $195,590 - 119
2016 - 1102 - $210,018 - $203,313 - 114
Valparaiso
Year - # Sold - Avg List Price - Avg Sales Price - Avg Days on Market
2015 - 531 - $212,283 - $205,965 - 109
2016 - 583 - $226,829 - $220,695 - 116
Portage
Year - # Sold - Avg List Price - Avg Sales Price - Avg Days on Market
2015 - 186 - $144,813 - $140,519 - 116
2016 - 205 - $145,385 - $141,361 - 101
Chesterton
Year - # Sold - Avg List Price - Avg Sales Price - Avg Days on Market
2015 - 98 - $216,213 - $209,106 - 136
2016 - 99 - $239,669 - $230,102 - 95
(The market comparison time in Valparaiso and Portage is roughly over the same period as last year, while the market comparison time for Chesterton is 45 days less than 2015.)
Sales Prices are up in all three areas and overall in Porter County.
A healthy real estate market is one that has a market time of 4-6 months. The fact that Porter County is experiencing less than your normal market time in some areas as well in price ranges under $200,000 indicates that we are still experiencing low inventories. The rule of supply and demand applies and the fact that prices are going up also indicates that we are low on inventories in certain price ranges and neighborhoods.
Also, the interest rates are still low, which cannot stay that way forever, and they do make a difference in buying power. For instance, if a buyer can afford a payment of $1000/month then they can afford a home priced at $209,461 with an interest rate of 4% versus if the rates go up to 5%, then they can only afford a home priced at $186,282. That means an increase of one percentage point means over $20K less in buying power. That’s a big difference for just one percentage point so take advantage of the interest rates now and get more buying power!