From a just released report from the Indiana Association of Realtors, we find a continuing down trend in the state and the local Elkhart County market.
For the State through May 08 compared to May 09
Total Units Sold Down from 5,811 to 4,660 or a 19.8% decrease
Median Prices Down from $115,000 to 110,100 or 4.3% decrease
For Elkhart County May 08 compared to May 09
Total Units Sold Down From 131 to 121 for a 7.6% decrease.
Median Price Down from $115,000 to $86,500 for a 24.8% decrease.
Year -To-Date Sales Totals for the State
Total Units Sold Down from 23095 to 18498 for a decrease of 19.9%
Median Sales Price Down from $107,000 to $97,000 for a decrease of 9.3%
For Elkhart County Year-To-Date Sales
Total Units Sold Down from 601 to 461 for a decrease of 23.3%
Median Sales Price Down from $108,000 to $85,000 for a decrease of 21,3%
Links to original statistics, courtesy of the IAR (used w/ permission)
Have we found the bottom yet? One would hope so, but with foreclosures and short sales continuing to batter our home values and sales, it remains to be seen. Although we have seen some upward movement in activity this year, the numbers unfortunately don't reflect this.
So if you are a homeowner who is being forced to move due to relocating your job to another state, you will have to have a brutally honest agent helping you to determine an agressive pricing strategy along with a marketing package that will put your home in front of the pack in condition and price.
Even if you are relocating to a market that has not been hit hard, its likely you will be paying less on the other end as well, so take that into consideration when your agent suggests marketing your home for several thousand dollars less than you think its worth. In addition to having your home in tip top condition, you need to calculate how much its going to cost you to carry this home from month to month. The last thing you want to do is hang on to that higher price for too long and after a few months of paying double payments you find yourself in a financial box.
Be smart, be aware and GO SELL YOUR HOUSE!