Hobart Market Update – February 2017
Hobart Mortgage Lender – Larry Penilla
The value of homes continues to rise in Hobart, IN.
Per Zillow, the median value of a home in Hobart is $120,100, a 1.6% jump over the past 12 months. Additionally, this number is expected to grow another 1.9% in 2017.
After reaching a median list price of $134,000 in November 2016, its highest list price in at least 3 years, the list price dropped to $129,000 in December 2016. This isn’t overly surprising considering the real estate market tends to slow down in the winter months.
It wasn’t just Hobart that has seen a rising housing market, though. As a mortgage lender located in Northwest Indiana, I am always watching the market and seeing how it performs compared to previous months.
In the first month of 2017, single-family home sales jumped by 2.8% compared to January 2016, reaching 616 units sold. While not a major gain, it is still impressive as January 2016 had a 16% increase in sales compared to January 2015, according to the Greater Northwest Indiana Association of Realtors.
Of all the counties that make up Northwest Indiana, the median sale price increased by 6.2% year-over-year to $147,628. This is in line with the price increases we have experienced leading up to 2017.
In fact, nationally we experienced our best month for sales in January in almost 10 years. Total sales for the month totalled $5.7 million, just shy of the single-month high that February 2007 set according to the National Association of Realtors. Nationally, the median sale price experienced a 7.1% hike year-over-year.
In Lake County specifically, we experienced a minimal decrease in sales. A drop of 1.6% occurred in January 2016 when compared to January 2015, totalling 358 sales for the month. While sales dropped, the median price jumped by 15.4% to $150,000.
As demand continues to grow in Hobart and the United States, it will be crucial that supply keeps up. If it doesn’t, the ability for homeowners to afford a home will become a problem. Mortgage rates are expected to rise this year, and although just slightly, it could be enough to spike demand before they become too high.
Overall, homes in Northwest Indiana averaged 50 days on the market in January 2017, significantly less than the 64 days from January 2016.
If you live in Hobart or the surrounding area, talking with a Hobart mortgage lender like myself can give you the advantage you need. As someone with several years of experience in the industry, I can help ensure you get the mortgage loan that is best suited for your specific situation.
For more information and to learn how exactly I can help, contact me today!