Realtors Association assesses state of housing sales in Crown Point, region

2014-01-08T19:34:00Z 2014-01-08T21:42:05Z Realtors Association assesses state of housing sales in Crown Point, regionSusan Erler susan.erler@nwi.com, (219) 662-5336 nwitimes.com
January 08, 2014 7:34 pm  • 

CROWN POINT | Close to 10,000 housing units were sold across Northwest Indiana last year as the region continued its climb out of an earlier housing slump also seen nationwide.

The 9,444 properties sold in 2013 contributed to a total 30 straight months of increased housing sales across the region, said Pete Novak, CEO of the Greater Northwest Indiana Association of Realtors, which encompasses Lake, Porter, LaPorte, Jasper and Newton counties.

In Crown Point, housing sales reached about 650 units in 2005 before sliding to a low of just under 400 units in 2010 and then climbing steadily back to just more than 600 units last year, Novak told the Rotary Club of Crown Point in a Wednesday presentation.

"In Crown Point there's a lot of new construction," Novak said. "You go into any subdivision and see at least one or two houses going up."

Median selling prices in Crown Point peaked at $175,000 in 2007 dipped slightly in 2008 and then fell to below $160,000 in 2009, only to climb steadily to between $160,000 and $170,000 by last year.

"Anytime you see such a huge loss in demand you're going to see selling prices drop," Novak said.

Housing sales locally peaked in 2006, with 11,349 units sold including single-family homes, townhomes and condominiums, before dropping off to a 2010 low of about 7,000 units sold and then steadily rising through the end of last year, Novak said.

The median selling price in the entire region captured by GNIAR hit a high of $135,500 in 2007, dipped to $124,000 in 2009 and then climbed to $130,000 last year.

The strengthened market last year boosted buyer confidence and helped pull many underwater homeowners into a positive equity position, Novak said.

In his outlook for this year, Novak said demand nationally is likely to ease but that a modest price increase is expected over the next 12 months.

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