NWI Residential Real Estate Market Continues to Improve

rot2The Northwest Indiana residential real estate market remained strong as the region transitioned into fall with a steady increase of homes sold in both Lake and Porter counties, reports Jeanne Sommer, broker/owner of CENTURY 21 Alliance Group.

“The market continued its upward trend with an increase in residential home sales and average price, as well as a decrease in days to sell,” Sommer said.

In addition, the housing inventory for Porter County was 4.87 months of supply in October, just below the national average of 5 months of supply, and Lake County was just above at 5.14 months of supply.

Market-Update 2013 October

“A 6 month supply of homes indicates a healthy market, so these numbers show that we are in a very good market,” Sommer explained.

Through October year over year, the number of homes sold in Porter County was up 23%, while the average sales price increased 1%. In addition, the average amount of days a home was on the market, another key factor in the health of a market, decreased 13%.

Lake County saw similar changes in activity. The number of homes sold in Lake County increased 22% and the average sales price increased 1%. In addition, the average number of days to sell decreased 13%.

All data was provided by the Greater Northwest Indiana Association of Realtors and calculated from January 1 to October 31 in 2013 and compared to January 1 to October 31 in 2012.

For more information on the latest local real estate data, contact CENTURY 21 Alliance Group at 219.462.2090.