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Monroe County Market Activity Through 4/30/2012

by Jim Sprague on May 15, 2012

The Monroe County real estate market continues it upward climb from the doledrums, though not as rapidly as in the first quarter. But any upward movement, however slight, is welcome. For the sake of comparison with last year’s activity let’s look at the number of sales in the first four months of 2011 and 2012. Again we’ll be separating condos from single family homes. And remember, all this data is from the Bloomington MLS and does not take into account private sales made without an agent. In other words, homes sold by the owners without Realtor representation are not included.

In 2011 the number of Residential Single Family closed sales was 256

In 2011 the number of Condominium closed sales was 60

In 2012 the number of Residential Single Family closed sales was 298

In 2011 the number of Condominium closed sales was 66

That is a 14% increase for Single Family Homes and a 9% increase for condos! Below are links to the graphs for the first third of 2012.

Single Family Homes MarketSupplyPresentation.Res.1Third2012

Condos Copy of MarketSupplyPresentation.Condo_.1Third.2012

Until next month,

Jim Sprague

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We’re Baaaack! 1st Quarter sales in Monroe County, Indiana

by Jim Sprague on April 16, 2012

Want proof that the market in Monroe County is coming back? Well this month’s report will clearly demonstrate that fact. This is possibly the highest selling first quarter in Bloomington’s history. Agents, loan officers and inspectors are covered up. Actually one of the best barometers to watch would be the work calendar of the building inspectors. They are so busy that I have to add days to my normal suggestion of 15 days to complete inspections on the offers I’m writing now. My good friend, band-mate and a guy I consider to be one of the area’s best inspectors, Lee Van Buskirk of Sherlock Homes, is booked 3 weeks+ in advance! The good stay busy in any market, but this year they’re all busy.

The interest rates are climbing a bit, but we are still at historic lows. However, low rates do not seem to motivate buyers as much as they do current mortgage holders, who are paying 2 points higher than current rates. For mortgage originators most of their business was coming from those seeking to refinance to the lower rates in 2011. That’s changing rapidly in 2012. Homebuyer, who have been sitting on the sidelines are now in the game, so to speak. And though I don’t expect to see any significant gains in values, I do expect to see them rising again.

Let’s take a look at the 1^st quarter of 2012 compared to that of 2011. This study is just for Monroe County and single family homes are condos are separated.

In the 1^st quarter of 2011 170 single family homes closed and 30 condos closed.

In the 1^st quarter of 2012 191 single family homes closed and 40 condos closed.

That’s a rise of 12% rise in single family sales and a 33% increase for condos.

Here are the first quarter graphs for single family home (SFH) sales and for condo sales.

MarketSupplyPresentation.Res.1stQt12.graph

MarketSupplyPresentation.Condo_.1st qtr 12.graph

Please click the link to view the graphs. All reported sales closed in the 1st quarter of 2012

I’ll try to get this done on time this month, but as you can see, I’ve been busy.

Until next time,

Jim Sprague

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by Jim Sprague on March 6, 2012

Welcome back to my monthly Market Study for Monroe County residential real estate! As mentioned in last month’s post, this will be a monthly exercise. We will break down the market into two sections: condos and single family homes and study the market activity of each in terms of sales and inventory. Generally the market is as strong as I have ever seen it for the first two months of the year. Everyone is busy! Don’t believe me? Try scheduling a home inspection. Or talk to mortgage lender like Kevin Cade at 5^th3rd Bank. Additionally there were 38 pending and closed sales in January 2012 and 109 in February! Stay tuned for the numbers in the following months. The Monroe County real estate market, like IU men’s basketball, is BACK! I love both.

For this month’s study I began late. Sorry about that. I’ll try to be more punctual in the future. The date for this is 3/6/2012.

The graph and inventory for Monroe County Condos is:

MarketSupplyPresentation.Condo.3.6.12.pic

PDFMarketSupplyCondoMonths3.6.12

The graph and inventory for Monroe County Single Family homes is:

MarketSupplyPresentation.Res.3.6.12.pic

PDFMarketSupplySFMonths3.6.12

If my predictions are true this increase in market activity will continue at least through July. If you’re thinking of buying and/or selling this is a great time for both for two reasons: As illustrated here, the market is strong and interest rates are still at historic lows. Please write or call me, Jim Sprague, with any questions, comments or if you have a good joke. jimsprague@comcast.net or 812-340-0132.

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Monthly Market Report

by Jim Sprague on January 24, 2012

From now on, each and every month, I will post a Monthly Market Report for Bloomington and Monroe County in Indiana Residential Real Estate. The goal of this endeavor is to examine and keep track of the progress of residential sales and listing activity in the county. We will determine if it is a “Buyer’s” or “Seller’s” market based on the amount of time it will take for the current inventory to sell based on the last 12 months activity.

A brief background: In my listing presentation I have two pages devoted to the general market activity concerning residential activity. It is broken down in price range and it’s purpose is simply to show the amount of inventory there is in each given price range. In the Listing Presentation single family homes and condo are all lumped together, but here they will be separated, as they are actually different markets.

Generally I have noticed a significant increase in market activity over the last 6 months. It’s not unfair to say that the market is coming back! Though Monroe County enjoys one of the best real estate markets in the state of Indiana, due to the solidity of our main employers, namly Indiana University, Cook and the Crane Naval Base, we have seen a dip in activity over the last few years. The belweather we’ll be using here has to do with the amount of inventory we have in terms of “months of supply”. That is, again, based on the last 12 months of sales in a certain price range, how many months will it take to clear the current number of listings in that price range?

It is generally accepted that a 4 month supply is an even market. 6 months suppy can be considered a “Buyer’s Market” and 3 months or less supply can be seen as a “Seller’s Market”. Over the last two years most ranges have indicated a Buyer’s Market, but that is, according to the most recent study, changing rapidly in Monroe County. Hopefully that will continue and become the trend for 2012!

Please click on the file names to see the PDF. Enjoy!

Here is the data and graph for single family home market in Monroe County as og 1/24/12

MarketSupplyPresentation.Res.1.24.12

MarketSupplyMonths1.23.12

Here is the same for Bloomington/Monroe County condominiums:

MarketSupplyMonthsCondo1.23.12

MarketSupplyPresentation.Condo.1.24.12

Any questions? Call me at 812-340-0132 or write me at jimsprague@comcast.net,

Thanks,

Jim Sprague

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Renwick Delivers Traditional Neighborhood Charm

by developer on December 9, 2011

Bloomington has a great community that is being built out called Renwick. Designed to incorporate the principles of Traditional Neighborhood Design (TND), Renwick is all about creating a walkable, safe, and beautiful neighborhood. Homes are designed to foster connections with neighbors and carry a design aesthetics that promotes a strong sense of place.

As a community, Renwick is about 80 acres in size and is made up of different residential home area connected by walking paths and green spaces. A lovely wooded ravine and the west branch of Jackson Creek traverses the community. Cathcart Park, which covers 3.5-acres within the heart of the community, is a relaxing spot to stroll, bike, jog, picnic, or just relax. There are also several smaller pocket parks in the community.

There are different options for homes. Two areas of paired villas are in the development, Cameron Row and Springhouse Ridge. These areas feature high-quality construction, gorgeous interior finishes, award-winning architecture and a low-maintenance lifestyle.

The remaining areas are designed for you to purchase your lot and then work with one of the preferred buildings to construct your perfect home. Cathcart Knoll has single-family lots that are 55-feet wide, Hawksmoore has lots that are 75-feet wide, and Nora Hill has lots up to 95-feet wide. The community is designed to incorporate a strong design aesthetic, so specific design criteria will have to be met as your plan your home. However, the preferred designers and builders understand this and will work with you to create the perfect home that will still pass through the communities architectural review process.

The community also features a Village Center, which can be easily accessed by pedestrian, cyclists and motorist from anywhere in the neighborhood. It is designed to be an informal gathering space where you will run into neighbors, enjoy a cup of coffee and relax. The Village Center will feature personal and business services such as restaurants, dry cleaners, a medical office, a bank, and other day-to-day services that you would love to have within walking distance from your home.

With interest rates at an all time low, this is a great time to buy. If you are interested in a residential development that combines traditional neighborhood charm, with tree-lined streets and thoughtful public green space, please give me a call. I specialize in matching my clients with the perfect Bloomington, including first time and seasoned buyers. Don’t’ forget to sign up for my HOT LIST of properties to stay up to date on new and resale properties.

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Parent Investors Picking Up Good Deals in College Towns

by developer on December 2, 2011

As housing prices continue to drop, and college prices continue to rise, some parents of college students are deciding to buy a house for their child to live in, instead of writings checks to a university for on-campus housing or to another landlord. Compared to cramped campus housing, living in a single-family home, town home or condominium can provide extra space and make great financial sense.

Bloomington has a thriving university community that draw students from across the state and across the country. This is one community where it can make a lot of sense for parents to buy. College towns have a built-in pool of rental candidates and housing prices are at an all-time low. Currently, in Bloomington, there are several condos and homes that would be great for the parent investor.

For example, over on North Lincoln there are several older condo communities that are favored by college students. They are close to campus and near a bus stop. Right now, there are units with two bedrooms and two baths at incredible prices. The prices are so low, they makes for a very reasonable monthly mortgage. Also, with a second bedroom, an additional tenant can be taken on, to further decrease the mortgage burden.

South of campus, in the more traditional neighborhoods, but still close enough to walk to campus, there are plenty of three- and four-bedrooms homes available, each with multiple baths. These homes have a great rental history and often provide large yards, which provide ample space for outdoor studying, summer get together and more.

The question often arises on what to do with the property after their child graduates and moves on. Some choose to hold onto the property and continue to rent it out to other students, employing a local property manager if they are not in the area. Other parents have decided to downsize into the condo after their kids graduate. After all, college towns can be very lively and interesting, often bringing in interesting arts and culture events, and also typically having lively downtowns.

With interest rates at an all time low, this is a great time to buy. If you are interested in a purchasing a home for your college student to stay in, or looking to purchase investment property, I can help. I specialize in matching buyers with the right property. Don’t’ forget to sign up for my HOT LIST of properties to stay up to date on new and resale properties.

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