According to the latest housing data compiled by RE/MAX of Indiana, the St. Joseph County real estate market recorded strong year-over-year growth for the month of April. The area experienced a 17.11 percent increase in homes sold in April with 267 homes, compared to the same time last year with 228 homes.
Broken out by city, South Bend had the most significant year-over-year increase in the number of homes sold with 14.17, followed by Mishawaka with 9.80 percent. Osceola also experienced significant pickup in home sales by 280 percent, from 5 homes to 19 homes sold when compared to April of last year. RE/MAX 100 Broker/Owner Marsha Lambright says a decrease in inventory for the St. Joseph County housing market is likely to thank for the recent rise in home sales.
“The increase in home sales for the month of April is due in part to the lack of new construction for the past several years,” said Lambright. “As more buyers come into the market, they are forced to choose between existing homes. This is a first for us since we have always had new construction to compete with present market conditions.”
Consumers in St. Joseph County who sold their homes in April saw the average sales price for homes sold increase by 1.45 percent to $115,606. While prices remained relatively flat for the area as a whole, analysis of nearby markets indicated some signs of growth. Consumers in Osceola saw an increase in average sales price by 20.06 percent, followed by South Bend with 9.40 percent. Meanwhile, prices for homes sold in Mishawaka dropped by 11.17 percent, from $105,344 to $93,576.
Further analysis of the area shows the average number of days on market increased when compared to the same time in 2012. The area as a whole experienced a seven percent increase with 105 days on market. Broken out by city, homeowners in Osceola experienced a 21.57 percent increase from 102 to 124 days on average for homes to sell, followed by South Bend (12.77 percent) and Mishawaka (3.85 percent). However, sellers in Lakeville and Granger saw the average number of days on market decrease by 45.28 and 13.46 percent respectively.
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