According to the latest housing data compiled by RE/MAX of Indiana, the Northwest Indiana real estate market experienced significant growth from January through March 2013. The area reported a 24 percent increase in homes sold during the first quarter with 1,829 homes compared to the same time last year with 1,475 homes.
Click HERE to see the complete Hoosier Housing Report on Northwest Indiana.
Broken out by county, Lake had the most significant year-over-year increase in the number of homes sold, with 25.21 percent, followed by La Porte (20.79 percent) and Porter (18.75 percent) counties.
Consumers in Northwest Indiana who sold their homes during the first quarter saw the average sales price for homes sold increase by 6.53 percent when compared to 2012 sales transactions. Newton County saw the greatest year-over-year increase from January through March with 30.29 percent, followed by Jasper (9.92 percent), Porter (7.74 percent), La Porte (7.56 percent) and Lake (7.35 percent) counties. Starke County also saw a slight increase in average sales price by 2.73 percent when compared to the same time last year.
“During the years when the market was declining and sellers were adjusting to new home prices, buyers were routinely offering 20 percent less than asking price. It definitely was a buyer's market,” said Carol Allegretti, broker/owner of RE/MAX Results. “Now, buyers are finding themselves in multiple offer situations and having to make ‘highest and best’ offers for homes in order to compete. They are often forced to act quickly as market times have shortened.”
According to Allegretti, the length of time a home remained on the market during the first quarter decreased compared to the same time in 2013. Homeowners in Jasper County experienced a 23.36 percent decrease from 137 to 105 days on average for homes to sell. Lake County also saw a decrease by 9.71 percent, from 103 days to 93 days on market. The area as a whole experienced a 2.82 percent decrease with 106 days on market.
About RE/MAX of Indiana, an Integra Company
RE/MAX of Indiana is Hoosiers’ real estate market leader with $2.7 billion in annual sales, over 75 offices and nearly 1,200 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, “nobody sells more real estate than RE/MAX.”
Integra Enterprises Corporation is a privately held company headquartered in Toronto, Ontario, Canada. Integra is the largest sub-franchisor of Denver, Colorado based RE/MAX, LLC. Representing approximately 30 percent of RE/MAX worldwide with more than 27,000 agents, Integra operates RE/MAX regional headquarters in Massachusetts; Minnesota; Indiana; Toronto, Ontario, Canada; and Vienna, Austria. Integra’s proven operating model supports its membership with a highly accessible and responsive regional leadership team delivering proprietary business development, training, marketing, and event management services from each of its regional offices.
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