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Northwest Indiana Housing Market in January and February Outpaces 2011
Porter County Shows Strongest Growth in Area Home Sales
VALPARAISO, IND. — (March 26, 2012) — So much for the winter doldrums for some area realtors. According to the latest housing data compiled by RE/MAX of Indiana, the Northwest Indiana real estate market recorded modest growth for the early months of 2012. Eight percent more homes sold during January and February with 870 homes compared to the same time last year with 803 homes.
Porter County was reported as having the most significant year-to-date increase in the number of homes sold, with 13 percent. Lake County was next highest with an 11-percent increase. Meanwhile, LaPorte County reported a decrease in the number of homes sold by nearly 19 percent.
Homes in Porter County have been selling faster as well, which is good news for local residents. The average number of days a house remained on the market fell nearly seven percent in the first two months of 2012 compared to 2011, from 117 days to 109 days.
In addition, homeowners in Porter County saw the prices of their homes sold increase modestly, with a four-percent increase in January and February from an average of $167,587 to $175,208.
“The market in Northwest Indiana and Porter County in particular has been quite active thus far in 2012,” said BruceAnn Singleton, broker/owner of RE/MAX Affiliates. In Valparaiso, for example, the number of homes sold during January and February was up 19 percent compared to the same time last year. Singleton thinks she knows why.
“We've seen a mild winter and warm spring and a continuance of historically low interest rates hovering around four percent,” she said. “Plus, we’ve seen good relocation activity from Illinois where higher sales and property tax rates are causing people and businesses to flee for a more affordable area.”
As a result of new and expanding employers in the region, companies are starting to hire again, with stronger job-market activity helping fuel home sales. Locally, renovation and urban renewal projects in Valparaiso and Chesterton are also drawing people to the downtown areas.
“All in all, the residential housing market in Porter County has really rebounded to get 2012 off to a great start,” said Singleton.