Rensselaer, Schererville & Munster buck trend with 50% increase
NORTHWEST INDIANA – April 22, 2011 – (RealEstateRama) — More houses are on the market in Northwest Indiana, its taking less time to sell, and because of the slight drop in average sales price of 1% compared to this time last year, buyers are getting more for their money. According to the latest data for first quarter 2011, compiled by RE/MAX of Indiana, the trend has led to a 4 percent increase in home sales over last year.
The average sale price scenario looks a little different when pulling out specific residential pockets with Crown Point, Munster, Rensselaer and Schererville sellers seeing an increase in home sales prices – more than 50 percent higher than this time last year in some cases.
In Rensselaer, last year’s average sale price was just over $97,000. Today, the average price for a home just an hour outside of Chicago is $149,246. Munster saw a 19 percent price increase, Schererville 21 percent, and Crown Point nearly 7 percent. Broker/owner for RE/MAX Results in Schererville Melissa Hickey says the jump in this area can be attributed to built-up demand.
“Buyers that have been sitting and waiting are now making a move,” Hickey said. “The higher priced homes that weren’t selling previously are now getting offers due to the interest rate staying low and nice inventory of homes to choose from. That combination makes it a perfect time for buyers to find their dream home.”
Northwest Indiana Q1 2011 Market Summary
The increased home prices in Munster and Schererville might account for why they are staying on the market longer. Munster homes are averaging 162 days on the market, up from 122 days a year ago. And homes in Schererville are staying on the market for about 140 days before selling, up from nearly 106 days last year.
Still, optimism runs high for a strong rebounding real estate market through the rest of 2011. RE/MAX Results in Schererville has more than doubled its transactions when compared to this time last year.
“We believe the home market is stabilizing and values are holding,” said Hickey. “In previous years, many parts of the country had record high home prices and then they dropped to new low values. In Northwest Indiana, we never had those record highs and lows. Our area was much more stable and price adjustments were on a much smaller scale than other parts of the country.”
Melissa Hickey, RE/MAX Results
219.865.0777 / melissahickey (at) remax (dot) net
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 Northwest Indiana Association of REALTORS® for dates covering January-March 2011 as compared to January-March 2010.