Real Estate Monthly, Vol. 1, Iss. 4

REAL ESTATE MONTHLY

VOLUME 1, ISSUE 4
APRIL 1, 2016

SPRING SALES MARKET

springThe spring sales market is here. Even though the real estate market has seen record low numbers the number of listings will increase over the next several weeks. This increase is a natural trend and it won’t change the current market conditions. Elkhart county will remain a seller’s market and Kosciusko county will remain a neutral market. It will take a considerable net change in availability to change those conditions.
The new construction market will continue to improve and the increase of existing housing availability will allow more mobility in the market. This is an exciting time in real estate as seller’s will realize higher than normal equity in their homes and buyers will continue to see low interest rates. A good time for buyers and sellers.


Kosciusko County Market


February


Closings:
59 ⇧ 26% Y:Y


Median Closing Price:
$140,000 ⇧ 8% Y:Y


Average Days on Market:
56 ⇩ 44% Y:Y


New Listings:
94 ⇧ 19% Y:Y


Inventory: 
506 ⇩ 1% Y:Y


Sales / List Price:
96% ⇧ 2% Y:Y


Neutral Market

Elkhart County Market


February


Closings:
97 ⇧ 10% Y:Y


Median Closing Price:
$103,000 ⇧ 10% Y:Y


Average Days on Market:
53 ⇧ 17% Y:Y


New Listings:
156 ⇧ 14% Y:Y


Inventory: 
691 ⇩ 13% Y:Y


Sales / List Price:
96% ⇧ 2% Y:Y


Sellers’ Market


The market update is the most current available due to data reporting and analytics by the state reporting board.


Market Analysis

Currently we are on the cusp of the spring market. The number of listings traditionally increase this time of year and it is reasonable to think the same will happen this year. The growing number of new construction will help the existing home market as sellers will be able to find a suitable home to buy and list their homes. The March numbers will see an increase in closing prices in both Elkhart and Kosciusko counties.

Kosciusko County

There was good growth in the Kosciusko market during February. The increased closing price should continue even as there is a good increase in listings. Although it is currently a neutral market, well priced homes should continue to sell quickly. The median days on market will still continue to be affected by stale listings selling as summer approaches.

Elkhart County

February seems to be an abnormality given the current market conditions in Elkhart County. The inventory and absorption rate remains low. There are a good number of buyers that continue to look for housing as the rental sector sees prices rising. The March numbers should return to a favorable level. As the spring market will see more listings it will take a large net of listings to bring the county’s market out of a seller’s market. It will most likely remain a seller’s market well into summer if not into fall.



Did You Know?

The Seattle Kingdome was so expensive that the building wasn’t paid off until 2015 – a full 15 years after it was demolished.



Spring Cleaning Time

It’s that time of year again to open the windows and air the house out. After being cooped-up all winter long it will be refreshing to have a crisp, clean spring breeze blowing through your home. The downfall with this time of year is it is also time for Spring Cleaning. Most commonly interior cleaning is what comes to mind but don’t forget cleaning the garage and cleaning the debris out of the yard before mowing. Before you begin mowing make sure you have your mower ready.

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