As 2013 came to a close, the Northwest Indiana real estate market continued to show significant increases over last year, reports Jeanne Sommer, broker/owner of CENTURY 21 Alliance Group.
While there were softer sales in December due to the holidays, the number of homes sold throughout the year increased in both Lake and Porter Counties from 2012 to 2013. Additionally, the number of days a home was on the market decreased while the average price increased in both counties, all indications of a healthy market.
“In 2014, we anticipate another 15% to 16% growth, especially as interest rates continue to ease up,” Sommer said.
Housing inventory remained below six months, meaning the current inventory is expected to sell within that time frame.
“Anything below a six-month inventory is a very good market,” Sommer added.
Through December year over year, the number of homes sold in Lake County was up 19.5%, while the average sales price increased 1%. In addition, the average amount of days a home was on the market, another key factor in the health of a market, decreased 13%
From 2012 to 2013, the number of homes sold in Porter County increased 18%, the average sales price increased 1% and the average number of days to sell decreased 13%.
All data was provided by the Greater Northwest Indiana Association of Realtors and calculated from January 1 to December 31 in 2013 and compared to January 1 to December 31 in 2012.
For more information on the latest local real estate data, contact CENTURY 21 Alliance Group at 219.462.2090.