What's going on in the Fort Wayne real estate market in January of 2016? Let's take a look at the numbers.
- 8.5% One year change in closed sales.
+ 6.8% One year change in median sales price
- 20.5% One year change in inventory
New listings 1-2015: 710. NL 1-2016: 677. - 4.6%
Pending sales 1-2015: 490. PS 1-2016: 564. +15.1%
Closed sales 1-2015: 377. CS 1-2016: 345. -8.5%
Median sales price 1-2015: $101,000. MSP 1-2016: $107,875. +6.8%
Avg. sales price 1-2015: $123,722. ASP 1-2016: $132,346. +7.0%
Homes for sale 1-2015: 2,412 HFS 1-2016: 1,918. -20.5%
The 12 month average for new listings is down 2.0%
The 12 month average for pending sales is up 9.6%
The 12 month average for closed sales is up 6.7%
The 12 month average for median sales price is up 5.9%.
The 12 month average for sales price is up 5.3%
The 12 month average for inventory of homes for sale is down 18.8%.
So what does this mean to you?
If you're a buyer, it means slim pickings. We're not saying it's a bad time to buy a home because it's not. Interest rates are still very low and there are plenty of loan programs to choose from.
What we're saying is that if you are buying in this market today you should expect to pay close to full price and your offer should be clean. Here is an article with tips for buying a home in a seller's market.
If you're a seller, odds are you're in the driver's seat when it comes to price. For the first time in our 8 year real estate career we are seeing prices rise. This is due to simple supply and demand.
As you can see above, the 12 month inventory is down almost 20%. That means that prices are rising, the number of days it takes to sell is shrinking, and with Spring right around the corner... It's time to sell!
If you have been considering selling your home in the Fort Wayne area, the time is NOW. Please give us a call at (260) 704-0843. We'd love to have a pressure free conversation about what we will do to get your home SOLD.
* Statistics above are based on residential single-family properties, townhomes and condominium listing and sales reported to the IRMLS.