Real Estate Market Review -
Multi-Family Properties in Kokomo
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Multi-Family Properties – Under the Looking Glass
Do you own multi-family properties in Kokomo? Are you interested in buying multi-family properties in Kokomo? Are you just curious about what multi-family properties are selling for in Kokomo? Then check out this chart and information about multi-family properties that are for sale in Kokomo, those that have sold and those that haven’t sold.
Before checking out the chart for multi-family properties, there are several things to keep in mind:
- These properties are from 2 to 5 units and their ages vary all the way up to being a century old!
- As with all properties for sale, pricing is based on condition and/or location.
- If a property is currently vacant and has been for a year or more and was not originally built and zoned as a multi-family property, it may not meet current zoning regulations. (Most agents don’t know this!)
Multi-Family Homes Market Watch – Kokomo
(Click the chart for a larger view.)
As you can see, there are three parts to this chart and I will explain each part separately.
Multi-Family Homes Sold in Kokomo
In the past year, ten multi-family homes in Kokomo sold. They sold for prices ranging from $5,500 to $90,000. The average sale price was $26,940 and the median sale price was $19,500. Median price means that half the properties sold for more than $19,500 and half sold for less than $19,500.
Time on the market ranged from one month to almost seven months before selling.**
Multi-Family Homes For Sale in Kokomo
Right now, there are 27 multi-family properties offered for sale in Kokomo. Their listed prices range from $13,900 to $150,000, with the average price of $65,826 and a median price of $72,900. Once again, the median price means that half the properties are listed for more than $72,900 and half are listed for less than $72,900.
Some of these multi-family homes are newly listed, but others have been on the market for over two years.**
Multi-Family Homes in Kokomo That Didn’t Sell
Thirty-seven multi-families properties offered for sale over the past year did not sell. These properties were priced from $10,999 to $129,900. The average asking price for all these multi-family homes was $62,832. The median asking price was $59,900 – once again that means half were priced higher than $59,900 and half were priced lower.
The average time these properties were on the market, waiting to sell, was almost a year. There was even one property that was on the market for over three years!**
**Note: The actual time “on the market” for any of these properties may be more than these figures show. Some properties may have been on the market and didn’t sell in the original listing period. They may have been re-listed – sometimes with the same agent, sometimes with a different company. When that happens, properties start over as a new listing with zero days on the market.
Putting It All Together in Kokomo
Each section above is color coded for a reason.
- Green for Go – This is the reality of what buyers will pay for a multi-family property in Kokomo.
- Orange for Caution – This is the land of hope – for the seller. They hope they get this price for their property. The property may or may not be priced correctly, only a current appraisal or comparative market analysis can answer that question.
- Red for Stop – Don’t even go there! The asking prices on these multi-families properties were rejected by the market – rejected by buyers.
The most important part of the chart for both buyers and sellers is Multi-Family Homes Sold in Kokomo. This shows the true market value of multi-family homes in Kokomo – what buyers were willing to pay for these properties in Kokomo.
If you are just curious about what multi-family homes in Kokomo are selling for, information like this may be enough to satisfy your curiosity.
If you are considering buying or selling a multi-family property in Kokomo, you need a “just right” pricing evaluation. You need a thorough Competitive Market Analysis (CMA). (See below for information about how you can get a “just right” pricing evaluation.)
Need more information about a property in Kokomo? Need a “just right” pricing evaluation for any property in Kokomo? Call Betty at 765-513-0354 or send me an email.
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