Northwest Indiana Real Estate Market Continues to Improve in Third Quarter
The latest real estate market data for single-family existing homes indicate that Lake and Porter Counties are both experiencing a normal market, reports Jeanne Sommer, broker/owner of CENTURY 21 Alliance Group in Valparaiso, IN.
“Compared to last year, the average sales price is up, days on the market are down, and the number of homes sold also is up,” said Sommer. “These are all strong indicators of a robust market.” In sum, more homes are selling for a higher price, in a shorter amount of time, according to the numbers provided by the Northwest Indiana Association of Realtors. The numbers are calculated from January 1 to October 31 this year and compared to the same time period last year.
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“I don’t see any reason why these numbers won’t continue to improve in Porter County, buoyed by the markets in Valparaiso and Portage,” said Sommer. Sommer also expects continued improvement in Lake County, driven by the market in Crown Point, the second biggest market in Northwest Indiana behind Valparaiso.
The number of single-family existing home sales increased from 1,328 last year in Porter County to 1,512 this year and the average sales price on single-family homes also increased from $174,352 to $183,704 in Porter County. The days a property is listed on the market were down in Porter County from 157 last year to 145 this year.
The number of single-family existing home sales increased from 3,202 last year in Lake County to 3,765 this year, while the average sales price on single-family homes also increased from $129,855 to $134,986. The days a property is listed on the market decreased from 150 last year to 135 this year.
Housing inventories are at less than six months in Porter County and at less than six and a half in Lake County, another indicator of a normal market. “If you’re looking to sell a home, now is the time to put it on the market,” said Sommer. “With inventories low, you shouldn’t wait until after the holidays to list.”
ABOUT CENTURY 21 ALLIANCE GROUP
CENTURY 21 Alliance Group is a full-service brokerage firm specializing in residential and commercial listings. As Northwest Indiana’s premier real estate agency, CENTURY 21 Alliance Group has earned CENTURY 21’s Quality Service Award seven years in a row. The realty company is located at 450 Lincolnway, Suite 200 in Valparaiso, IN and has listings in Porter, Lake and LaPorte counties. For more information, call (219) 462-2090 or visit www.21alliance.com.
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