Although 2020 has been a challenging year for all of us, our Valparaiso real estate market is stronger than ever! The lack of inventory in our area coupled with the low interest rates has kept our prices up and market brisk. Our average sales price in the first 3 quarters of 2020 is up to $281,958 compared to $259,162 which was our average sales price in 2019. That is almost a 9% increase and the year isn’t over yet! As we begin the 4th quarter of 2020, we have already sold 1170 homes which is higher than the first 3 quarters of 2019 when we sold 1,067 for the same period. And I know that if we had more inventory, we would have sold more homes!
The chart below outlines what is going on in Valparaiso regarding the sale of residential properties including single family, duplexes, townhomes, and condominiums. Because our market has been changing so rapidly, you will notice that I used the sales for the last 6 months versus taking the last year.
Price Range Active Listings Listings Under Sold in past Amount Of Contract 6 months Inventory
*This is based on data from the Greater Northwest Indiana Multiple Listing Service as of 10/18/20
As you can see by the chart, we are still in a seller’s market until we get to the homes that are priced over $750,000. Then the market starts moving into a buyer’s market when homes are priced over $1,000,000.
The fact that homes under $350,000 are moving in less than a month is simply because the demand is higher than the supply. We are currently working with many buyers that are waiting for that next home to come on the market that fits their needs. They know that as soon as that new listing comes on the market, they must be ready to jump in the car and write an offer if they love that home since there are probably multiple offers. And yes, sellers are getting top dollar for their homes, yet remember most buyers will need financing, which means the home needs to appraise out at that value. So, if you are thinking of selling or even getting an idea of what your home is worth, please call Century 21 Alliance Group at 462-2090. And if you are staying put for a while, you might want to see if refinancing is a option while rates are low!