While looking at the 3rd quarter real estate market report for Monroe County and Bloomington IN, it is evident that there has been a decline in the average market price for both single-family homes and luxury condominiums. These pricing decreases are slight and fairly typical for this time of year, going into the 4th quarter.
“If you are thinking of making a purchase in the luxury home market, [going into the 4th quarter] will be the best time to get the best buy.” Says Tracee Lutes, a leading Realtor in Bloomington Indiana with RE/MAX Acclaimed Properties.
Luxury condominiums appear to have experienced a greater decline in both their listed and sale prices than single-family homes in Monroe County. While the number of sales has increased it is likely a response to properties re-entering the market with lowered prices. Where previously the average price for a luxury condo in the area was $690,115, the current average price is now $638,590. An entire 7.5% drop versus the 0.5% decrease in the pricing of single-family homes.
Furthermore, while the amount of days on the market has increased for the luxury condo sector to 555, there has actually been a decrease of days on the market for single-family homes, now at 109. This combined with an increase in the list to sales ratio and low overall inventory is good news for those looking to sell a single-family property.
Demand for both single-family homes and luxury condominiums is expected to rise across Monroe County. Currently being constructed in the area is a new hospital which when completed is predicted to increase the demand for upscale condominiums for relocating physicians. This is accentuated by the current local government’s limitation of luxury condominium developments in the area. It can also be predicted that there will be an increase in the pricing of single-family homes within a 10-minute drive from the new hospital once the project is completed.
Voted one of the best places to live in America, Bloomington has several industries that attract a diversity of buyers. Home to Indiana State University, the Crane Naval Base, several pharmaceutical companies and various medical manufacturers, students, workers and retirees from across the country live here. There is also an evergrowing Asian population, bringing the eyes of many international buyers to Monroe County. Thanks to the ongoing demand for post-secondary schooling and naval base worker housing, a layer of ‘economical insulation’ is present in the area, helping to create a strong long term economy.
This Market Report is Provided By: Tracee Lutes – Bloomington Indiana Real Estate
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