"Price reductions swept through the Michigan City-La Porte, IN metro housing market during the week ending Nov. 14, with 52.8% of active listings dropping their asking prices as homes sat on the market for a median of 77 days. The Indiana metro's 290 single-family homes for sale carried a median list price of $299,000, or $157.7 per square foot. Despite maintaining seller-favorable conditions with 2.7 months of supply, the widespread price adjustments signal sellers are recalibrating expectations to match buyer demand."
"Just 1.7% of listings increased prices during the week, while the 52.8% reducing prices marks an unusually high rate of seller concessions. Relisted properties accounted for 9.7% of active inventory, indicating most sellers are choosing price cuts over pulling listings and returning later. The $299,000 median list price positions Michigan City's single-family market at $157.7 per square foot. The high percentage of price reductions suggests initial listing prices exceeded what buyers would accept at current market conditions."
Over half (52.8%) of active listings in the Michigan City-La Porte metro reduced asking prices during the week ending Nov. 14, as homes reached a median time on market of 77 days. The market included 290 single-family homes with a median list price of $299,000, or $157.7 per square foot. Supply stood at 2.7 months, keeping conditions technically favoring sellers while signaling pricing pressure. Weekly absorption totaled 27 homes against 21 new listings, producing net inventory reduction. Only 1.7% of listings increased prices and 9.7% were relisted, indicating sellers prefer cuts to withdrawing listings. The prevalence of price cuts suggests many initial listing prices exceeded buyer expectations. The high rate of seller concessions points toward a market shifting from clear seller advantage toward more balanced conditions unless cuts accelerate sales.
Read at www.housingwire.com
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