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Elkhart County home sales down due in part to wintry weather

Wintry weather was part of the reason, but on the bright side, the median sales price increased.

Posted on March 26, 2014 at 6:01 p.m.

Home sales in Elkhart County for February dipped, in part due to wintry weather, though the median sales price is up.

Here are highlights from the report for February from the Indiana Association of Realtors:

  • Sales for February in Elkhart County totaled 77, down 14.4 percent from 90 a year earlier. Sales in the first two months of 2014 reached 184, down 4.7 percent from 193 a year earlier.
  • The median sales price in February reached $108,500, up 16.7 percent from $93,000 a year earlier. The median figure for the first two months of 2014 reached $108,000, up 12.6 percent from $95,900 in the same period in 2013.
  • There were 900 homes for sale in February in Elkhart County, about a six-month supply, down 6.8 percent from 966 a year earlier.
  • Statewide, February home sales totaled 3,978, down 13.1 percent from 4,577 a year earlier. Year-to-date home sales totaled 7,817, down 11.2 percent from 8,799 in the same period in 2013.
  • The median home price statewide in February was $115,000, up 9.5 percent from $105,000 in February 2013. The year-to-date median price was also up, reaching $112,900, a 5.5 percent rise from $107,000 a year earlier.

A report from the association blamed the February dip in home sales, in part, on cold, snowy weather.

“However, Mother Nature does not deserve all of the blame for lagging home sales. Low inventory is also a culprit. And both will likely result in the same type of report next month," Kevin Eastridge, president of the association, said in a statement.

On the bright side, Eastridge continued, "home values held their own with significant year-over-year gains. Pent-up demand could make spring and summer very busy if and only if inventory gets a boost. Opportunity is knocking loudly on the doors of potential sellers."

Follow reporter Tim Vandenack on Twitter at @timvandenack or visit his Facebook page.




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