Those who work in the local housing market feel they have something to build on.
Last year, 6,602 houses sold – an increase of 10.1 percent from the previous year, a report Wednesday from the Upstate Alliance of Realtors shows. Upstate, which tracks data primarily from Allen, Adams, DeKalb, Huntington, Noble, Wells and Whitley counties, also said the average 2012 sale price increased nearly 9 percent from a year earlier to $126,513.
Phil Stinson is president of the Upstate Alliance of Realtors Multiple Listing Service, which dispenses the data. He said residents seeking to sell their homes will have an easier time this year.
With a reduced inventory of homes for sale, competition for properties is increasing, which is good news for sellers, he said in a statement. However, buyers should also be encouraged. The fact that interest rates remain at historically low levels means you can purchase more house at an affordable price, which makes it a great time to buy – even with increased competition in the market.
According to Bankrate.com, an online financial resource, a 30-year-fixed mortgage rate in Fort Wayne ranges from 3.25 percent to 4.23 percent.
In December, sales slipped 3.1 percent, with 506 homes coming off the market compared with 522 sold in December 2011. The average sale price last month was $125,999.
The Upstate report said economic growth appears on an upward trend and several prominent housing indices continue to showcase market turnaround. Its a welcomed change of pace. Plenty of opportunity lies ahead.