VALPARAISO, IN – April 27, 2012 – (RealEstateRama) — According to the latest housing data compiled by RE/MAX of Indiana, Northwest Indiana’s real estate market recorded modest growth for the early months of 2012. Eight percent more homes sold during the first quarter of 2012 with 1,474 homes compared to the same time last year with 1,354 homes.
Broken out by county, Lake had a significant year-to-date increase in the number of homes sold, with nearly 12 percent, followed by Porter County with 10 percent. Despite this upward trend for the area, LaPorte County experienced a drop in home sales with nearly 10 percent fewer homes sold during the first quarter of 2012 compared to the same time last year. Homeowners in Jasper County saw a four-percent decrease in the number of homes sold.
Still, real estate experts are happy to report any good news during a time of year that is usually slow.
“While most people are usually just beginning their house hunt, home sales got an earlier start due to the warmer-than-usual weather we’ve had,” said Matt Evans, broker associate with RE/MAX Affiliates. “Plus, with historically low interest rates, and home prices stabilizing, people are feeling more confident about their investment in real estate and what they can afford.”
Evans called out Porter and Lake Counties and their proximity to Chicago as important in relocation. More homeowners and businesses are choosing to relocate to Indiana to take advantage of lower property and sales tax rates than Illinois. With companies now expanding and hiring, stronger job-market activity is helping improve home sales.
Comparing January through March 2012 to the same time last year, the average price of homes sold overall in Northwest Indiana remained flat, dropping two percent to $124,968. Modest decreases in price were recorded in some counties, such as Lake (3.29 percent) and LaPorte (1.91 percent). However, the average price of homes sold in Jasper County decreased by as much as 22 percent.
Prices on single-family homes may not remain low forever, reminds Evans.
“Most real estate experts agree that now is probably the best opportunity for consumers to make a move with home prices expected to rise throughout the next few years as supply has already decreased. Those who are on the fence about buying a home may kick themselves later for not making a move earlier in 2012,” he said.
To read the entire Hoosier Housing Report on Northwest Indiana, go to http://content.remax-indiana.com/media/downloads/remaxin/20120424113019.pdf
About RE/MAX of Indiana
RE/MAX of Indiana is Hoosiers’ real estate market leader with $2.7 billion in annual sales, over 75 offices and nearly 1,200 sales associates. Founded in 1987, RE/MAX of Indiana helps growing families and businesses through its expertise in residential and commercial real estate, as well as relocation and referral services. Having sold 1.5 million homes in Indiana over the last five years, “nobody sells more real estate than RE/MAX.” Visit www.remax-indiana.com for more information, and follow us on Facebook at www.facebook.com/remaxofindiana and on Twitter at www.twitter.com/remaxofindiana.