Prices of existing houses in Northwest Indiana continued to rise in September, while the number of units sold dropped both year-over-year and compared to August in most counties in the Region.
Peter Novak Jr., CEO of the Greater Northwest Indiana Association of Realtors, attributed the drop in sales to the fact that the market was competing against a very strong one at the same time last year, not a downward trend.
“We had a really strong end of 2020. The real estate market was going crazy,” Novak said.
He said the market was slow in the beginning of 2020, when news of the COVID-19 pandemic began to spread.
“After May, the numbers jumped dramatically. The end of 2020 considerably outpaced 2019 in closed sales,” Novak said.
According to statistics released by GNIAR, 675 houses were sold in Lake County in September, 2.3% fewer than the 691 sold the previous September and 1.9% less than the 688 sold in August.
In Porter County, the drops were more dramatic, 24.4% year-over-year and 15.5% since August. A total of 245 units were sold in September, compared to 324 the previous September and 290 in August.
In the seven counties that comprise GNIAR’s territory combined, the 1,164 units sold in September were 8.5% fewer than the 1,272 sold the previous September and 5.8% less than the 1,236 sold in August.
The seven counties include Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski. Existing houses include single-family residences, condominiums and town houses/duplexes. New construction is not included.
Meanwhile, the median selling price of existing homes rose 11.3% year-over-year in Lake County, $195,000 to $217,000, but dropped 5.7% compared to August, when the median price was $230,000.
Prices in Porter County rose 12% year-over-year, from $250,000 to $280,000. They rose 5.7% over August’s median price of $265,000.
In the seven counties that comprise GNIAR’s territory combined, the year-over-year price increased 8.4%, from $202,750 to $219,750, but dropped 4.5% from August’s $230,000 median price.
“This suggests a little softening in some spots, but it’s still a very strong market,” Novak said. “Sellers are getting a little less than they were in some cases, but the sale price is s
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