Market Update 4/3/23
Inventory is such an interesting concept in driving home sales. Basic economics tell you the more demand the less supply. The thing is we have been sitting in a low inventory volume for years in the NW Indiana market. We have seen home prices climb throughout the years and while homes are not selling with 15+ offers these days, the trend is showing many homes are still selling in less than 30 days.
In fact, the median market time in all of the NIRA MLS for residential real estate from January 1st, 2023 to April 3rd, 2023 is 24 days. That statistic is still showing that homes are moving at a fast pace. I’m sure if we removed some of the new construction inventory in the MLS and focused only on resale homes, that the number would be lower. So naturally, I ran the statistic. In running the search for homes built before 2021, it brings it down to 21 days. Buyers are still looking for homes, because naturally things in life happen. Graduation, Marriage, Babies, Divorce, Death, Job Changes, Family, Schools, et. … they are all motivators to move.
I recently created a video on this topic exactly. It speaks to the fear in buying and selling a home and how to overcome the fear. Follow HERE to watch.
In looking at the statistics this week, we have seen some fluctuations in market time, which either more or less homes have sold in the previous 30 days compared to March 13, when the last statistics were run.
Cedar Lake - Inventory is now showing at 3.44 months. This is mainly being driven by new construction inventory with various builders in the area.
Crown Point is pretty steady with inventory, now sitting at 1.4 months supply up from 1.36 months with 74 homes on the market. This number similar to Cedar Lake is a large majority of new construction homes.
Dyer - Down in supply of inventory to 1.83 months, which means that more people have bought and less homes have come to the market. Due to the proximity to the border and lack of new construction, it is not uncommon to see Dyer with a short supply.
Griffith - Winner winner chicken dinner this week for the lowest supply in the market. It’s been competing with Highland for the past few months. Again, due to proximity to the border and highway, Griffith homes move fast. Many still with multiple offers in the current market place.
Hammond has come down in inventory in the last few weeks. Previously at 1.41 months supply, it is now at 1 months supply. Hammond has some great affordability for the under $200,000 buyer market and has many updated homes.
Highland - As mentioned above, it’s got very low inventory with fast moving homes due to proximity to the border and highways.
Hobart - Although up in inventory from 1.23 months supply to 1.35 months supply, Hobart is sitting strong for the buyer pool under $250,000. There is a lot of opportunity in the area to get a great home.
Lowell - Also another area being driven by new construction, Lowell has a 2.17 months supply. The new construction homes are moving and inventory is slowly coming down in the area too.
Merrillville - Always a moving market, Merrillville is an option for new home buyers and investors alike. The inventory is sitting under 2 months supply consistently and still moves quickly.
Munster - Coming down in inventory in the last 2 weeks, with consistent homes on the market shows that Munster is still quick moving. Homes are listing and selling here due to the proximity to the border and highways, which makes it a great jumping point from our neighboring state.
Schererville - Also moving a bit quicker. Schererville has a lot to offer!
St John - Inventory has a lot of new construction and a higher price point than other areas, so while the inventory is sitting at 103 homes on the market, many are new construction.
Porter County has had some movement in the last two weeks as well. While the number of homes on the market is similar to a few weeks ago. Let’s break it down.
Chesterton has gone on an increase in inventory from 1.32 months supply to 1.92 months supply. This means that while the same amount of homes are on the market as March 13th, that less people bought a home in the area that closed in the last two weeks.
Portage has the exact same number of homes on the market as two weeks ago at 42 homes, but the inventory has gone down slightly to 1.27 months supply, which means that more homes have sold in the last 30 days that in the last 45.
Valparaiso has had an increase in inventory now sitting at 80 homes, but a decrease in supply, coming down from 2.8 months to 2 months supply. Again more people are closing on homes in the last 45 days.
Have questions, don’t hesitate to reach out to us! We would be happy to chat. If you are thinking of selling anytime in the next 12 months, we would be happy to have a conversation with you to help you prepare to sell with a complimentary home analysis.
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