With fewer incentives in 2011, number of homes sold decreases
SOUTH BEND, IN – June 6, 2011 – (RealEstateRama) — The Saint Joseph County housing market is showing significant improvement in one key measure over the first four months of 2011. According to the latest data compiled by RE/MAX of Indiana, average home sales prices in Saint Joseph County went up nearly 11 percent from January to April over the same period in 2010. But, that’s only part of the story.
“Last year during this time, we had a lot of first-time home buyers who took advantage of government incentives to buy homes in Saint Joseph County that were priced on the lower end of the scale,” said Diane Bennett, realtor of RE/MAX 100 in Mishawaka. “So, the jump in average home sales prices is probably due to the adjustment in 2011. We have fewer first-time home buyers entering the market.”
Bennett went on to say that this may also account for the decrease in number of homes sold. Comparing 2010 to 2011 for the months of January to April, Saint Joseph County experienced a 22-percent drop in number of units sold. She sees no reason to worry.
“As we get into the summer months and the economy continues to rebound, I expect the number of homes sold to increase,” said Bennett. “It feels like we’ve passed the bottom of this real estate roller coaster, and the local market is starting to creep back up the hill.”
Meanwhile, the RE/MAX National Housing Report indicates home sales across the country were mostly unchanged from the high levels seen in March. Nearly a quarter of all U.S. transactions in April were investors, who may believe prices have bottomed and interest rates will be heading higher. That may cause more consumers to enter the market sooner.“The market is holding its own in the absence of any artificial stimulus,” said RE/MAX CEO Margaret Kelly. “We’re encouraged to see that home prices have been rising this year and we are hoping that this will motivate buyers who have been waiting for a bottom.”CONTACTS:
RE/MAX 100 (Mishawaka)
team (at) inspiredhomes (dot) com
Leslie Payne, RE/MAX of Indiana
Director of Communications:
(p) 317.845.2005 x 209 (c) 317.370.3129
lpayne (at) remax-indiana (dot) com
About RE/MAX of Indiana: RE/MAX of Indiana is affiliated with RE/MAX, LLC. Since its inception in 1987, RE/MAX of Indiana has grown to over 80 offices with more than 1,200 sales associates throughout Indiana, providing residential and commercial real estate, as well as relocation and referral services. For more information, visit www.remax-indiana.com. Follow us on Facebook at www.facebook.com/remaxofindiana and on Twitter at www.twitter.com/remaxofindiana.
Source: Greater South Bend-Mishawaka Association of REALTORS® for the dates of January-April 2011 as compared to January-April 2010.