After weathering the frigid winter in Northwest Indiana, residents have been treated to some very spring like temperatures lately. Fortunately, the local housing market is also looking sunny to coincide with the arrival of a new promising season.
In Porter County, the number of days it took to sell a home decreased by 3 days from 2014 to 2015. In LaPorte County, the sale price to list price went up from 94.2% to 95.8%. The number of homes sold in Lake County increased from 560 in 2014 to 600 in 2015.
CENTURY 21 Alliance Group agents met this month to discuss strategy with Jeanne Sommer, broker/owner of CENTURY 21 Alliance Group in Valparaiso, IN. “We are trying to find ways to get the word out that right now is a great time to sell a home. It is the supply and demand rule. There isn’t a lot of inventory out there, so homes are selling quicker and closer to asking price because buyers simply do not have a lot to choose from.” Buyers and sellers are starting to come out of hibernation and take advantage of the still record low interest rates. Nick Sommer, broker/owner, states, “The market is strong but inventory is low, which creates a favorable market for sellers.” More listings are sprouting up every day, though. The scales may soon tip to the buyers’ favor as they have more choices in their desired neighborhoods.
All data was provided by the Greater Northwest Indiana Association of Realtors and calculated from January 1 to February 28 in 2015 and compared to January 1 to February 28 in 2014. For more information on the latest local real estate data, contact CENTURY 21 Alliance Group at (219) 462-2090.