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St. Joseph Housing Market Shows Steady Recovery
Positive outlook for 2012 persists with increased home sales led by South Bend
SOUTH BEND, IND. — (June 20, 2012) — According to the latest housing data compiled by RE/MAX of Indiana, the St. Joseph County real estate market recorded strong growth during the first five months of the year. Nearly 25 percent more homes sold from January to May with 1,071 homes compared to the same time last year with 860 homes.
This five-month growth for 2012 confirms the positive outlook many area realtors have held, and shows signs of continued recovery.
“We had hit rock bottom, but now we’re on the roller coaster ride up,” said Diane Bennett of RE/MAX 100. “Many homes in the area are now being sold at full price or above. Sellers are no longer willing to take a low offer because properties are moving much faster than they did a year ago. The market is stable and thriving for both buyers and sellers.”
Broken out by city, South Bend had the most significant year-to-date increase in the number of homes sold, with 30 percent. Granger was next highest with a 23-percent increase, followed by Mishawaka, which experienced a 19-percent increase in homes sold compared to the same time in 2011.
Homes in the area 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 15 percent in the first five months of 2012 compared to 2011, from 128 days to 109 days.
Housing data from RE/MAX of Indiana also shows the average price of homes sold in St. Joseph County remained stable from January through May at $104,970. While sales price as a whole remained flat, analysis of some markets indicated signs of growth. Homeowners in Mishawaka experienced an increase in prices for homes sold by six percent in 2012 compared to 2011, from $84,134 to $89,504.