Our market is still hot, but the numbers indicate that we’re undergoing a slight shift. Don’t worry—this is a good thing.
What’s the latest news from our Fort Wayne market? Inventory is shrinking, but home prices remain affordable. Here are a few key statistics comparing our current fall market to what we saw at this time last year.
First, there have been 450 fewer new listings that have come on the market compared to this time last year, which is a 4.7% decrease. The number of pending sales also decreased compared to this time last year, to the tune of 1.6%. Year to date, there have been 200 fewer closed sales compared to last year, which is a 3.1% decrease. The average sale price, meanwhile, is up 9.1%.
"We’ve been in a seller’s market for the past two to three years, so we’re probably due for a slight correction."
Over the past two years, home values have appreciated 20%, which is pretty significant considering Fort Wayne has traditionally been known as a market with little-to-no appreciation. The most significant statistic of all, though, is 17%—that’s how much inventory dropped this past September compared to September 2017. Since we’re a smaller market, there aren’t a lot of homes to choose from anyway.
Overall, our market is undergoing a slight shift. Interest rates are at a seven-year high, and as prices become less affordable, fewer buyers will want to enter the market. At that point, inventory will increase and balance things out between buyers and sellers, which is a good thing. We’ve been in a seller’s market for the past two to three years, so we’re probably due for a slight correction.
If you have any more questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.