Munster, IN

January 2011 Market report for Munster, Indiana Single Family Homes

January 2011 in Munster, Indiana saw 123 homes for sale. We are limiting this report to single family homes only. There were 3 pending, 9 sold and 111 active homes listed. The chart below shows the minimum, average, median and maximum data for the properties. The total sales value was $2,112,125.00. While the average days on the market was 135.

The second chart shows the average days on the market versus the percentage of selling price. If the home sits on the market longer, do you get a lower price ultimately? Interestingly the homes on the market for 61-90 days got a higher sale price than those that sold more quickly or took longer. This sample is small for drawing broad conclusions. It will be interesting to see if this trend holds true as the spring approaches.

The third chart shows the sale price to list price counting the entire time the home was on the market not just the most current listing. (Cumulative Days On Market) Interesting that the greatest number of homes sold were on the market for more than 120 days but still received nearly 92% of the list price.

What kind of single family home can be resold most easily in Munster, Indiana?

Here is another client question that I thought might be of interest to others in NW Indiana.

1. What kind of single family home can be resold most easily? i.e.: 4 bedrooms with price of $150,000-$200,000 or $250,000+? Because I am not sure how long I can stay in this area.
2. If your listing price is $200,000, how much can I usually get it for finally?

To answer your questions I have run a report on homes sold over the last six months in the areas of Schererville, Munster and St.John in NW Indiana.

Answer 1)-Statistically you are asking for the most popular and salable home on the market. The attached chart shows that 259 total homes sold. Of those 125 where 3 bedroom homes priced between 201,000 and 209,000 sold in 99 days. These are of course averages. Next you can see that 107-4 bedroom homes sold for between $256,279 and $267,292 in 124 days. What kind of single family home can be resold most easily? If you are wanting to make sure you can sell quickly I would suggest you buy a 3 or 4 bedroom home priced between $200,000 and $275,000. The second chart shows a further breakdown by community and by days on the market.

____________________________________________________________________________________________

_____________________________________________________________________________________________

Area Market Survey

Property Type Residential Include Property Subtype Single Family Detach Transaction Type Sale Areas 135-St. John, 129-Munster, 133-Scher/St John Un Status Sold (6/4/2010 to

12/31/2010) Price 100,000 to 400,000

129-Munster

Sold

Selling Price Range Quantity Average DOM

$100,000 thru $119,999 1 6

$120,000 thru $139,999 5 48

$140,000 thru $159,999 8 114

$160,000 thru $179,999 8 153

$180,000 thru $199,999 15 86

$200,000 thru $249,999 12 83

$250,000 thru $299,999 11 79

$300,000 thru $349,999 4 87

$350,000 thru $399,999 7 157

71 98

Summary Price Information

Minimum $118,000 Maximum $390,000

Average $219,910 Median $199,900

133-Schererville/St John Unicorp.

Sold

Selling Price Range Quantity Average DOM

$100,000 thru $119,999 5 86

$120,000 thru $139,999 6 54

$140,000 thru $159,999 8 68

$160,000 thru $179,999 16 126

$180,000 thru $199,999 21 73

$200,000 thru $249,999 30 112

$250,000 thru $299,999 18 110

$300,000 thru $349,999 13 109

$350,000 thru $399,999 4 30

121 97

Summary Price Information

Minimum $105,020 Maximum $385,000

Average $220,290 Median $202,500

135-St. John

Sold

Selling Price Range Quantity Average DOM

$160,000 thru $179,999 4 74

$180,000 thru $199,999 14 109

$200,000 thru $249,999 18 163

$250,000 thru $299,999 14 170

$300,000 thru $349,999 8 177

$350,000 thru $399,999 9 131

67 145

Summary Price Information

Minimum $166,000 Maximum $395,000

Average $253,514 Median $242,847

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

All information herein has not been verified and is not guaranteed.

Copyright ©2011 Rapattoni Corporation. All rights reserved.

U.S. Patent 6,910,045

Area Market Survey

Summary

Listings as of 01/04/11 at 9:49pm

Property Type Residential Include Property Subtype Single Family Detach Transaction Type Sale Areas 135-St. John, 129-Munster, 133-Scher/St John Un Status Sold (6/4/2010 to

12/31/2010) Price 100,000 to 400,000

Sold

Selling Price Range Quantity Average DOM

$100,000 thru $119,999 6 73

$120,000 thru $139,999 11 51

$140,000 thru $159,999 16 91

$160,000 thru $179,999 28 127

$180,000 thru $199,999 50 87

$200,000 thru $249,999 60 121

$250,000 thru $299,999 43 121

$300,000 thru $349,999 25 127

$350,000 thru $399,999 20 120

259 110

Summary Price Information

Minimum $105,020 Maximum $395,000

Average $228,780 Median $212,500

Equal Opportunity Housing * All information deemed reliable, but not guaranteed.

All information herein has not been verified and is not guaranteed.

Copyright ©2011 Rapattoni Corporation. All rights reserved.

U.S. Patent 6,910,045

Answer 2) Statistically homes sold between 94.74% and 96.93% of list price. A home listed at $200,000 could expect to sell finally for between $189,480. and $193,860. This is of course dependent upon supply and demand-how many other people are making offers on the home, are you asking the seller to pay your closing cost, and are there any other conditions of sale that would cause an increase or decrease in price. I can only deal in generalities but these statistics give you a good idea of the market.

Just wanted to let you know whats going on in the area of Munster Indiana. A great Musical called Man of La Mancha playing at the Theater of the Center. Its about Don Quixote and the way he overcame the odds , I dont want to give too much away but it sure is something to see. Tickets are around $35 bucks, and will be playing from September 10th to October 12th from 8pm to 11pm.

Just a quick update for those looking for a home in NW Indiana. The property taxes on homes at the end of the year will be capped 1.5% of the sales price of the home and in 2010 , they will be even better at 1%. Alot of things have been put in place to help this economy along. The 8000 Dollar tax credit has really helped the 140k and under market in real estate. I think that the cap will really help the 200k and over market. Maybe we could nickname it the Cap of Clunkers,lol

Well good news on the Real Estate front. The National Associations of Realtors has shown that Pending home sales have gone up 6.7% and the most important thing about that, is that it is the third consecutive increase in more than 2 years. With home values down some 30% from their peak about 3 yrs ago , the market is showing good signs of life.