Is the Northwest Indiana Real Estate Market Slipping? You Decide…

Is the Northwest Indiana Real Estate Market Slipping? You Decide…

26 September 2006
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The Jana Caudill Team
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As I’m sure you’ve seen in newspapers and on TV, the national real estate market is falling in 2006. The national average of home sales is down, so people always ask me, “How is the Northwest Indiana real estate market doing?” It’s an easy answer… great!

It’s important to remember that real estate is a local market driven by local conditions. You also need to remember that if the national AVERAGE is down, that means that some areas must still be doing well… that includes Northwest Indiana.

More homes will be sold in Northwest Indiana this year than ever before. And in most communities, sellers are getting more for their home than in 2004 and 2005. Here is a look at how some major Northwest Indiana communites are doing.

KEY: HS: Homes Sold; DOM: Days on the Market; ASP: Average Sales Price

Community2004 HS2004 DOM2004 ASP2005 HS2005 DOM2005 ASP2006 HS2006 DOM2006 ASP
St. John10894$212,31312276$257,32713585$291,186
Cedar Lake13986$132,84312398$159,14516876$181,789
Crown Point38575$165,71844872$181,27143070$192,965

Data is from GNIAR MLS: January 1-September 20 of 2004, 2005 & 2006.

*Hammond includes MLS Areas: Hammond North & Hammond South

**LOFS: Lakes of the Four Seasons (not included in Winfield Township information)

What does this mean? In most markets the Days on the Market is about the same (give or take a few days). The only market with a huge increase in DOM is Winfield, but home values are continuing to rise. Only two markets, Hammond and Highland, saw a decrease in home values from 2005 to 2006. And both Merrillville and Cedar Lake are seeing a decrease in days on the market… homes are selling faster in those two communities than in 2004 and 2005.

Bottom line… if you’re thinking about selling your home two things ring true: 1) YOUR HOME MUST BE PRICED RIGHT! When you overprice, you miss your buyer. 2) YOUR HOME MUST BE MARKETED CORRECTLY! You need to find ways to make your home stand out from all the other homes on the market. I know my team does both of those well, call or email me anytime and we’ll be happy to help you get your home sold!

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