Based on the Fort Wayne Area MLS numbers for Whitley County, the demand for housing in the Whitley County, Indiana area is catching up with the supply. This can be a good thing for home sellers as they are seeing a drop in the amount of time it takes to sell their home but should not be considered a sign that housing prices have turned the corner yet.
Based on statistics compiled over the last year, Whitley County is seeing it’s housing supply fall in many price ranges. Most glaringly in the most popular price range of $100,000 to $119,900 where November statistics show a current 4.3 month supply of homes in that range compared to a 6.1 month supply in that same range just three months ago. Overall there is less than a 10 month supply of homes in all price ranges under $225,000 for the first time since 2007.
How will this shake up in the supply and demand affect the overall sales market? Hard to say. Other economic factors have more impact on housing prices such as unemployment, wages, etc but at least for now the inventory levels are starting to level out with the demand for inventory and that has to be seen as a positive sign in our current economic situation.