Residential Real Estate Market Report
For White and Carroll Counties Compiled by
2018 Residential Real Estate Market Report for White and Carroll Counties
Welcome and Report Overview
Page 3
Real Estate Market Snapshots
Page 5
The Areas’ Highest Price Solds
Page 16
About Koppelmann Real Estate
Page 17
Cover Photo: Picture borrowed from Madam Carroll Website. (Printed without permission from Madam Carroll)
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2018 Residential Real Estate Market Report for White and Carroll Counties
Welcome to the 2018 Residential Real Estate Market Report for White and
Carroll Counties. This annual report will give you a snapshot of the real estate market for individual areas within the two counties. Overall, the local residential markets mirrored the national and state markets in seeing increases in average sale prices, but decreases in the number of houses selling. This is due in part to a lower housing inventory that some felt was caused by homeowners not wanting to give up their 3% interest rates. The lake house markets saw mixed results for the year. Lake Freeman saw a decrease in the number of houses sold, but average sale price increased. The demand for Lake Freeman houses is there. Lake Shafer’s average sale price and number of homes sold was stagnant and mirrored 2017s numbers. Monticello, like Lake Freeman, saw an increase average sale price but a decrease in the number of houses that sold. Some smaller communities saw increases while others saw decreases, but their smaller scale does not predict a housing downturn. The number of REO sales in White and Carroll Counties in 2018 decreased by 56%, dramatically less than a decade ago. REO sales usually go for below market value and tend to bring the market down. They will continue to be a segment of the housing market as banks still process delinquent mortgages from years past. Interest rates are still the key factor in our area, as well as across the country. Rates fluctuated minimally through the year, but still made it a good time to buy real estate. The Federal Reserve did raise rates, but very cautiously, as they watch international markets. The second key factor is credit – banks are starting to ease slightly on minimum credit scores. Where are we going from here? There are three key items to watch: interest rates, housing inventory, and the job market. If these 3 key factors continue their current trends, then Spring 2019 should lead us into a strong housing market. While there are as many forecasts as there are forecasters, I reiterate that real estate is a market. Markets go up. Markets go down. Real estate is a long term investment. And, is still proven to be the best overall investment for the long term.
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2018 Residential Real Estate Market Report for White and Carroll Counties
Keep in mind that there are many factors that influence the real estate market, including, but not limited to: Unemployment New construction Foreclosure properties Existing home inventory Interest rates Business/Industrial growth Politics Election Years The nation’s eye will be turned towards the effects of tax reform, the stock market, and the political fronts in the beginning of 2019. But on a local level, demand for houses should still be strong. The data is compiled from the Indiana Regional MLS (IRMLS). The statistics do not include properties that may have sold privately or through sheriff or tax sales. The sales statistics were obtained from the 2018 calendar year on February 11, 2019. The number of homes currently available was obtained from the Indiana Regional MLS (IRMLS) on February 11, 2019. The following is a brief explanation of the data contained herein:
Average Sales Price – the average of what all the homes in that area, for that year, sold for. No. Homes Closed – the quantity of homes that sold for the year in that area. Average DOM – the average amount of time, or Days On Market (DOM), it took for the properties to sell. Highest Price – the highest price paid for a property for that area. Avg. List/Sold% - the ratio between what a seller was asking for their property and what a buyer was willing to pay. No. Homes Available – the quantity of homes currently on the market for sale (for this report, properties on the market on February 11, 2019) MAI – Months of Available Inventory – this figure is calculated by dividing the No. of Homes Closed for the year by twelve, then dividing that number from the No. of Homes Available.
Of course, this is just a snapshot. Values can fluctuate from neighborhood to neighborhood. If you would like a more detailed analysis of the value of your home, please contact our offices. We would be happy to assist you.
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS MONTICELLO Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $105,104 72 95 $230,000 95.01%
2017 $94,367 78 101 $200,000 95.19%
2016 $82,918 72 76 $198,000 93.42%
2015 $79,300 58 157 $200,000 93.95%
2014 $74,433 59 153 $182,900 93.67%
No. Homes Available MAI
18 3
21 3.23
34 5.6
19 3.93
34 6.91
Monticello - Home Prices (Based on MLS Data) $120,000 $105,000 $90,000 $75,000 $60,000 $45,000 $30,000 $15,000 $0 2008
2009
2010
2011
2012
2013
2014
2015
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS RURAL MONTICELLO Includes Outside of City Limits in Twin Lakes Schools
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $148,172 82 90 $360,000 95.09%
2017 $122,615 84 100 $477,500 95.56%
2016 $144,526 79 96 $540,000 94.21%
2015 $143,517 71 107 $390,000 94.31%
2014 $100,127 51 145 $301,000 93.99%
No. Homes Available MAI
26 3.80
25 3.57
33 5.01
39 6.59
31 7.29
Rural Monticello - Home Prices (Based on MLS Data) $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2008 2009
2010
2011
2012
2013
2014
2015
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS LAKE SHAFER Includes Big Monon Bay
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $194,651 87 126 $665,000 94.04%
2017 $194,994 86 119 $560,000 93.33%
2016 $166,013 84 227 $725,000 90.59%
2015 $158,454 73 221 $455,000 90.54%
2014 $188,170 70 230 $540,000 91.75%
No. Homes Available MAI
37 5.10
40 5.33
60 8.57
81 13.32
99 16.97
Lake Shafer - Home Prices (Based on MLS Data) $200,000 $175,000 $150,000 $125,000 $100,000 $75,000 $50,000 $25,000 $0 2008 2009
2010
2011
2012
2013
2014
2015
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS
LAKE FREEMAN Includes Norway Dam to Oakdale Dam
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $233,528 75 123 $633,000 93.47%
2017 $205,629 88 135 $602,991 93.11%
2016 $206,965 76 166 $470,000 92.24%
2015 $188,638 62 190 $600,000 91.17%
2014 $214,174 63 192 $669,000 91.97%
No. Homes Available MAI
32 5.12
38 5.18
47 7.42
58 11.23
65 12.38
Lake Freeman - Home Prices (Based on MLS Data) $250,000 $225,000 $200,000 $175,000 $150,000 $125,000 $100,000 $75,000 $50,000 $25,000 $0 2008
2009
2010
2011
2012
2013
2014
2015
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS MONON Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $77,426 15 62 $135,500 96.82%
2017 $59,072 15 144 $115,000 88.63%
2016 $70,731 19 134 $133,000 89.25%
2015 $68,228 16 169 $165,000 93.31%
2014 $62,621 7 100 $120,000 89.75%
No. Homes Available MAI
1 0.08
4 3.2
6 3.79
11 8.25
11 18.86
CHALMERS Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $86,645 11 38 $152,000 96.99%
2017 $76,727 9 69 $157,000 93.59%
2016 $74,955 9 80 $124,900 93.03%
2015 $85,880 5 136 $119,900 95.46%
2014 $59,583 6 58 $116,000 94.44%
No. Homes Available MAI
1 1.09
1.09 4
1 1.33
5 12
2 4
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS
BROOKSTON Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $101,626 22 37 $157,000 98.99%
2017 $100,445 22 67 $195,000 95.68%
2016 $93,685 31 70 $197,200 96.33%
2015 $81,185 20 66 $138,000 95.64%
2014 $62,886 19 131 $140,000 92.04%
No. Homes Available MAI
3 1.64
1 0.55
3 1.16
7 4.2
8 5.05
REYNOLDS Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $87,421 7 57 $140,000 94.37%
2017 $67,890 10 91 $135,900 93.73%
2016 $71,375 4 67 $135,000 96.94%
2015 $53,233 3 47 $78,000 97.38%
2014 $78,750 8 129 $125,000 94.94%
No. Homes Available MAI
3 5.14
2 2.4
4 12
2 8
2 3
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS WOLCOTT Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $113,657 13 96 $199,000 94.15%
2017 $86,400 5 112 $146,000 94.78%
2016 $86,250 6 53 $126,500 96.53%
2015 $92,440 10 47 $160,000 93.64%
2014 $74,644 9 122 $153,000 95.39%
No. Homes Available MAI
0 0
8 19.2
4 8
5 6
7 21
$66,000 %
2017 $78,500 2 82 $86,000 95.21%
2016 $57,250 2 74 $75,001 104%
2015 $65,000 1 90 $65,000 100%
2014 $148,150 1 56 $148,150 98.83%
0 0
0 0
0 0
0 0
0 0
BUFFALO Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold% No. Homes Available MAI
2018 $66,000 1
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS IDAVILLE Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $86,500 1 41 $86,500 96.22%
2017 $59,066 3 62 $117,200 97.09%
2016 $33,710 1 2 $33,710 84.48%
2015 $16,833 3 65 $19,500 80.29%
2014 $25,000 2 144 $25,000 83.61%
No. Homes Available MAI
2 24
3 12
2 24
3 12
3 18
BURNETTSVILLE Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $57,746 10 126 $115,000 92.87%
2017 $75,055 9 107 $110,000 93.86%
2016 $63,937 2 103 $113,300 96.97%
2015 $64,580 5 173 $85,000 87.96%
2014 $25,500 4 153 $61,500 74.02%
No. Homes Available MAI
0 0
4 5.33
2 12
2 4.8
3 9
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS TIPPECANOE RIVER Includes North of Buffalo and South of Oakdale Dam
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $95,222 9 171 $157,000 91.71%
2017 $94,727 11 97 $180,000 92.15%
2016 $87,492 13 120 $224,900 92.81%
2015 $62,611 9 232 $156,000 86.74%
2014 $89,183 24 201 $240,000 90.53%
No. Homes Available MAI
2 2.67
4 4.36
7 6.46
9 12
16 8
DELPHI Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $99,641 31 30 $198,300 96.43%
2017 $97,013 41 52 $265,000 94.45%
2016 $75,555 32 69 $200,000 94.06%
2015 $105,472 40 84 $201,000 94.64%
2014 $67,169 38 83 $147,000 93.58%
No. Homes Available MAI
9 3.48
6 1.75
11 4.13
10 3
18 5.68
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS RURAL DELPHI Outside city limits with Delphi Address
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $161,609 49 38 $375,000 97.73%
2017 $147,406 46 60 $298,036 96.29%
2016 $155,347 57 55 $474,000 96.46%
2015 $117,359 54 76 $350,000 95.42%
2014 $106,724 55 102 $275,000 94.14%
No. Homes Available MAI
8 1.96
8 2.09
13 2.73
12 2.67
18 3.92
CAMDEN Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $68,254 12 43 $123,000 91.49%
2017 $60,263 11 40 $126,900 92.62%
2016 $62,670 10 115 $100,000 89.46%
2015 $56,539 11 77 $130,000 94.89%
2014 $22,000 4 103 $45,000 91.76%
No. Homes Available MAI
1 1
4 4.36
3 3.6
4 4.36
5 15
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2018 Residential Real Estate Market Report for White and Carroll Counties
REAL ESTATE MARKET SNAPSHOTS FLORA Within city limits
Avg. Sales Price No. Homes Closed Average DOM Highest Price Avg. List/Sold%
2018 $93,136 34 48 $204,900 96.44%
2017 $78,225 40 47 $242,000 96.02%
2016 $81,619 33 59 $189,000 95.22%
2015 $72,806 29 87 $164,900 94.2%
2014 $69,866 27 113 $135,000 93.82%
No. Homes Available MAI
9 3.18
5 1.5
6 2.18
7 2.9
17 7.55
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2018 Residential Real Estate Market Report for White and Carroll Counties
THE AREAS’ HIGHEST PRICE SOLDS Monticello South Main Street - $230,000 Rural Monticello East US Highway 24 – $360,000 Lake Shafer North Annerino Court - $665,000 Lake Freeman East Pierce Road - $633,000 Monon North Arch Street - $135,500 Chalmers North 2nd Street - $152,000 East
3rd
Brookston Street - $157,000
Reynolds East Hillside Dr - $140,000 Wolcott East North Street - $199,000 Buffalo East South Street - $66,000 Idaville East Highway 24 - $86,500 Burnettsville Street - $115,000 East 6th
Tippecanoe River North 1225 West - $ 157,000 Delphi West Summit Street - $198,300 Rural Delphi West 260 North - $375,000 Camden East Washington Street - $123,000 Flora East Columbia Street - $204,900 Koppelmann Real Estate www.JohnSellsHomes.com 16
2018 Residential Real Estate Market Report for White and Carroll Counties
ABOUT KOPPELMANN REAL ESTATE We have been serving Monticello and adjacent areas since 1994. The company was founded by John Koppelmann in October 2008, after several years at another real estate office. The office is located in downtown Monticello. The company was started to better serve buyers and sellers in the challenging real estate market that arose in 2008. Koppelmann Real Estate strives to meet all your real estate needs. We take pride in continuing to stay on top of real estate technology, communication skills, negotiating skills, and education. Our goal is to obtain your satisfaction with a service well performed. Our office is fully equipped with an integrated network of computer and communication systems. We have instant access to all the Multiple Listing Services, web sites, and other tools and services that is needed in order to better serve you. We belong to Indiana Regional Multiple Listing Service that covers a large portion of Indiana. We do this to serve our clients with the most exposure available in our area. Our office belongs to the Local, State and National Association of REALTORs. Not too long ago, the company received a very honorable award. In 2007, The Indiana Association of REALTORs named John Koppelmann the 2007 REALTOR of the YEAR. Our office is located at: 209 N. Main St., Monticello, IN 47960 (574) 583-3171 Fax (574) 808-4094 Visit our website, www.JohnSellsHomes.com, for information on home buying and selling, comprehensive property searches, and area information. You can also find us at:
www.facebook.com/KoppelmannRE www.twitter.com/JohnSellsHomes Koppelmann Real Estate www.JohnSellsHomes.com 17