Real Estate Monthly, Vol. 1, Iss. 5

REAL ESTATE MONTHLY

VOLUME 1, ISSUE 5
MAY 6, 2016

NEW VIDEO SERIES

youtubeCurrently on my YouTube channel I am compiling video tours of rural neighborhoods in Elkhart and Kosciusko counties in my preferred service area. The purpose of this series is to highlight the increase of housing opportunities in these areas. The tour is an approximately three-minute drive through with narration describing the communities as well as recent sales that drive the values the market holds for the individual areas. Take a look, you may find something you like.


Kosciusko County Market


March


Closings:
86 ⇧ 9% Y:Y


Median Closing Price:
$152,500 ⇧ 12% Y:Y


Median Days on Market:
34 ⇩ 60% Y:Y


New Listings:
130 ⇩ 13% Y:Y


Inventory: 
534 ⇩ 5% Y:Y


Sales / List Price:
96% ⇧ 1% Y:Y


Neutral Market

Elkhart County Market


March


Closings:
218 ⇧ 13% Y:Y


Median Closing Price:
$126,250 ⇧ 3% Y:Y


Median Days on Market:
39 ⇧ 60% Y:Y


New Listings:
218 ⇧ 13% Y:Y


Inventory: 
704 ⇩ 10% Y:Y/span>


Sales / List Price:
97% ⇧ 1% Y:Y


Sellers’ Market


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


First Quarter 2016 Market Analysis

2015 was a good real estate market. It was arguably the best in recent history in Elkhart and Kosciusko counties. It was at or near the numbers seen prior to the bubble burst nearly a decade ago. Analyzing the first quarter of 2016 suggests the market will be even better in both counties. Both counties also have lower inventories than during the same period a year ago. The lack of available listings will continue to drive the market and be advantageous to sellers.

Kosciusko County

In Kosciusko County the 2016 Market is starting well. During the first quarter the number of new listings was 5% higher (306 vs. 291) than 2015. Closed sales increased 3% (169 vs. 164). Houses are currently selling for 10% more ($137,000 vs. $125,500) and the original list price to price received at sale increased 1% (94.4% vs. 95.5%). Even with these changes, however, Kosciusko County still remains a neutral market overall.

Elkhart County

The 2016 Market is starting off strong in Elkhart County. During the first quarter the number of new listings was 11% higher (517 vs. 466) than 2015. Closed sales had a mild increase of 2% (341 vs. 334). Houses are currently selling for 2% more ($120,500 vs. $118,500) and the original list price to price received at sale increased 1% (96.1% vs. 95.4%). Elkhart County is experiencing a strong sellers’ market.

 



Did You Know?

There’s a guy who started with one red paper clip and traded his way up until he owned a house.



May in the U.S.A.

May may be one of the greatest months of sports ever. The month starts with the Kentucky Derby in Louisville, Kentucky. Held the first Saturday of the month, “The Most Exciting Two Minutes in Sports” is the most attended horse race in North America and has been run every year since 1875. The 2016 race has a guaranteed purse of $2 million. The month ends over Memorial Day weekend with the Indianapolis 500 in Speedway, Indiana. The “500” is the capstone of events celebrating the race. Since 1911 the race has run every year around Memorial Day. In 1974 the race has been scheduled for the Sunday of Memorial Day weekend. Also scheduled for the Sunday of Memorial Day weekend is the Coca-Cola 600 at the Charlotte Motor Speedway in Concord, North Carolina. This NASCAR event has run since 1960 and is the longest race in the NASCAR series. Since 1994 several drivers have attempted “double duty” running in both the “500” and “600.” Also during May, the NHL and NBA playoffs are in full swing and MLB teams are establishing themselves for the season.

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