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Elkhart County home sales dip in March but median price rises

The Indiana Association of Realtors senses demand for new homes, but said low inventory holds homes sales back.

Posted on April 24, 2014 at 1:52 p.m.

INDIANAPOLIS — Home sales in Elkhart County in March fell while the median sales price increased, repeating the same trend in February.

The Indiana Association of Realtors, which released the figures Tuesday, April 22, senses demand for new homes but noted limited supply.

“Buyers want homes, which is clearly supported by their willingness to pay top dollar, but low inventory continues to hold home sales back,” Kevin Eastridge, president of the association, said in a statement. "Opportunity’s knock is getting louder on the doors of potential sellers, who at this point will dictate the performance of local housing markets for the next couple of months so long as employment levels remain steady.”

Here are highlights of the numbers:

  • Home sales in Elkhart County in March totaled 119, down 11.9 percent from 135 in March 2013. Sales in the first three months of the year reached 303, down 7.6 percent from 328 in the same period last year.
  • New home listings in Elkhart County in March reached 192, down 23.2 percent from 250 in March last year, reflecting the limited supply. Year-to-date listings totaled 473, down 24 percent from 622 last year.
  • The median sales price in Elkhart County in March totaled $101,250, up 7.7 percent from $94,000 the same month last year. The year-to-date median price through March reached $105,000, up 10 percent from $95,450 in the same period last year.
  • Statewide, March home sales totaled 5,243, down 11.2 percent from 5,901 last year, while year-to-date sales reached 13,060, down 11.2 percent from 14,700.
  • New year-to-date listings across Indiana in March reached 24,168, down 12.9 percent from 27,749 in March 2013.
  • The median home sales price in Indiana in March reached $119,900, up 4.3 percent from $114,995 a year earlier. Year to date, the median price reached $115,250, up 4.8 percent from $110,000 last year.

The association blamed a dip in sales in February in part on cold, snowy weather.

Meanwhile, CoreLogic reported Tuesday that the home foreclosure rate in the Elkhart-Goshen area in February totaled 2.07 percent, down from 2.23 percent a month earlier and 3.21 percent in February 2013. The Elkhart County foreclosure figure for February compares to 1.81 percent in Indiana and 1.93 percent across the country.

The 90-plus day delinquency rate in Elkhart County in February totaled 4.82 percent, down from 5.07 percent in January and 6.42 percent in February 2013. That figure factors foreclosures plus home loans that are more than 90 days delinquent. 

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




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