The area’s existing housing market continued to make double-digit gains in both units sold and median sales price in November, a month not typically known for robust housing activity.
A total of 1,015 existing housing units were sold at a median price tag of $205,000 in November in the seven counties covered by Greater Northwest Indiana Association of Realtors, according to the association’s recently released monthly housing summary.
This marks a 14.6% hike in the 886 houses sold and a 14.8% jump in the $178,500 median sales price in the previous November, according to GNIAR.
The seven counties include Lake, Porter, LaPorte, Jasper, Newton, Starke and Pulaski.
“I’m amazed at how the numbers continue to be as strong as they are,” GNIAR CEO Peter Novak Jr., said.
“Normally, these are summertime numbers. Selling 1,000 properties in November is definitely on the high side,” he said.
He said while he didn’t have previous November statistics on hand, he would guess that there would normally be 600 to 700 houses sold in that month.
“What’s even crazier is there were only 1,500 homes on the market in November,” Novak said, referring to the continued low inventory of houses for sale.
Matt Maloney, Realtor with Matt Maloney Real Estate Group in Munster, said there currently are only 14 houses for sale in all of Munster, ranging in price from $190,000 to $1.4 million.
“That’s a very, very small number,” Maloney said. “In my experience the number is usually closer to 30 homes, even at this time of year.”
He said it’s especially hard to find a home in Munster for under $300,000.
Maloney said he receives two to three calls a week from potential buyers, primarily Chicago residents looking to get out of the city. He said Munster’s schools and it’s proximity to the city, where many of the potential buyers still work, are the main draws.
According to GNIAR, there were 576 existing houses sold in Lake County compared to 489 the previous November, a 17.8% increase, while the median sales price jumped 12.4%, at $199,950 compared to $177,900.
In Porter County, the number of houses sold rose 9.3%, from 215 to 235, while housing prices increased 13.6%, from $220,000 to $249,900, according to GNIAR.
Novak said while the number of new listing has grown in the past three to four months, they can’t keep up with the demand.
He said it’s still a seller’s market, with sellers receiving an average of almost 98% of their original asking price.
Maloney said he sees the trend continuing for a while.
“Until the interest rates start to go up, I don’t see it stopping,” he said.
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