After five tumultuous years, the real estate market finally turned the corner last year. Local year-end real estate market data for single-family existing homes in the five-county area covered by the Greater Northwest Indiana Association of REALTORS® (GNIAR) rose to the highest level since 2007.
With low interest rates driving sales, the area – which includes Lake, Porter, LaPorte, Newton and Jasper counties - continues to see an increase in both the number of sales and average home prices.
Compared to 2011, more homes sold for a higher price in a shorter amount of time in 2012. The number of single-family existing home sales increased from 1,555 in Porter County in 2011 to 1,806 in 2012 and from 3,857 in Lake County to 4,508. The average sales price on single-family homes continued to climb from $175,135 to $183,728 in Porter County and from $130,021 to $134,103 in Lake County.
In addition, the days a property was listed on the market were down in Porter County from 158 last year to 142 this year, while Lake County saw a decrease from 150 to 133.
“To me it’s all about consumer confidence and where this economy is now heading,” GNIAR CEO Pete Novak, Jr. said. “As long as interest rates stay low, more people who have been sitting on the sidelines waiting for signs of a recovery will be putting their homes up for sale. We anticipate an exceptionally busy spring considering things haven’t really slowed down significantly over the winter months. Our REALTOR® members are busier right now than they have been in quite sometime. It’s a great sign for the rest of the year.”
Perhaps that’s why the most recent National Top Workplaces list crowned real estate as the best industry to work in nationwide.
Recognizing good employers on 30 regional lists and one national list, employee survey specialists WorkplaceDynamics polled 1 million employees from 872 companies to generate the Top Workplace and Best Industry rankings.
“Despite real estate professionals facing a down market for the past five years, they continue to love their jobs and the companies they work for,” WorkplaceDynamics reported. “REALTORS® and others working in the real estate industry appreciate that they have a great deal of control over their own destiny, a strong connection to their work and a sense of personal accomplishment each and every day. All of which led them to highly rank their workplaces.”
Since the purchase of real estate is one of the largest financial transactions most people undertake in their lifetime, it makes sense to hire a professional. Just as we rely on the services of an accountant, dentist, doctor, financial planner or lawyer as the need arises, the expertise of a local REALTOR® is invaluable when it comes to understanding current trends, navigating the process and negotiating the terms of a sale.
The Internet is a great place to get started, but as the market continues to change and evolve in 2013 and beyond, real estate professionals will remain key partners for people looking to buy and/or sell.
For example, you’ll find up-to-the-minute information on the home buying and selling process with access to the most up-to-date list of homes currently for sale in our area plus local REALTOR® contact information at www.gniar.com.
For more info:
The Greater Northwest Indiana Association of REALTORS®
800 E 86th Ave.