There doesn't appear to be much on the horizon that could derail the slow but steady growth in the residential real estate market. are also up a bit throughout most of the region, with sellers generally getting nearly all or more than the original listing price.
In the first two months of the year compared to the same period last year, the median sales price rose 0.9 percent to $120,000 in St. Joseph County and 6.2 percent to $138,000 in Elkhart County.
Despite volatility in the stock market and somewhat higher mortgage interest rates, the number of closings were up 20.9 percent in St. Joseph County and 12.6 percent in Elkhart County in the first two months of the year compared to the same period in 2017, according to the Indiana Association of Realtors.
And reflecting the tight supply of homes on the market, prices throughout most of Indiana with sales up, prices up and a decline in the number of new listings on the market.
“Homes that are well maintained and mechanically sound, across the board, those are very desirable and they’re selling quickly,” said Jim McKinnies, president-elect of the Greater South Bend-Mishawaka Association of Realtors.
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