We are now a month into 2016, and reports on housing for the previous year have recently been released. The Upstate Alliance of Realtors (otherwise known as UPSTAR) is a realty organization in Northeast Indiana. This group is highly involved in the real estate industry and is a great provider of information on housing market facts and statistics. Today and in several future blogs, I want to provide to you some information on their statistics. I find these relevant to the Fort Wayne housing market and those looking to buy or sell a home in Fort Wayne in the future.
The summary of findings for December 2015 indicate that despite a fairly large decrease in inventory of 17.7% compared to December 2014, national residential real estate had a good year. Both supply and demand were fairly healthy due to an environment of low interest rates, increased unemployment, and falling fuel prices. Results also indicate that 2016 will provide a positive future pending inventory improvement and continued affordability. This is likely because of an anticipated balanced market.
Below displays exact key outcomes of UPSTAR. This organization not only serves Fort Wayne but also surrounding areas of Northeast Indiana including Adams, Allen, DeKalb, Huntington, Noble, Wells, and Whitley counties. Keep this area in mind when reviewing the statistics.
KEY DECEMBER 2015 FINDINGS:
- New listings decreased 2.4 percent to 491
- Pending sales were up 9.0 percent to 422
- Inventory levels shrank 17.7 percent to 2,080 units
- The median sales price increased 2.7 percent to $115,000
- Percent of original list price received remained flat at 93.5
- Months’ supply of inventory was down 26.2 percent to 3.1 months
Along with December 2015 information, UPSTAR also released YTD 2014 and YTD 2015 numbers. Additional market overviews that compare YTD 2014 with YTD 2015 are overall fairly positive. New listings are down only 1.8% from a previous year. Both pending sales and closed sales increased. Pending sales increased by over 10% and closed sales finished at 6.9% higher over the past year. The median sales price jumped from $110,000 to $117,000, which is a 6.4% increase. Similarly, the average sales price held a 5.2% increase from $132,166 to $139,061.
Check back with my blog soon as I will dig into more of the 2015 housing report findings including detailed information on the above percentages and how these fluctuated month to month.