REAL ESTATE REVAMP: Local housing market making one-eighty
COLUMBIA CITY — Locally, the economic situation has been improving in terms of jobs and new industry moving to Whitley County.But some of the biggest local strides have been in the housing market.The county had a nearly 10-percent improvement in closed sales on homes from June 2012 to June 2013 and had a 40 percent improvement from May of 2012 to May of 2013.For the year, the county has an increase in home closings by 32 percent from this time last year. Not all of the news is positive. Median home prices are down more than six percent, indicating more homes may be selling, but not at quite as high of a cost.All the same, many in the field believe it is a seller’s market.“It really leveled out in the last half of 2012, and it’s been more of a seller’s market this year,” said Gregory Fahl with Orizon Real Estate. The increase in sales comes fresh off of the recession, creating a low inventory of homes.“We are up about 12 percent in sales,” said Brad Minear with Minear Real Estate. “But we are down about 40 percent in inventory. We are selling more homes, but we have fewer homes to sell.”Minear said it is certainly a better time for his field, even if the upswing was somewhat hard to detect.To read the rest of this story, see the July 19 issue of The Post and Mail. Don't have a subscription? Call (260) 244-5153 or subscribe to our e-edition. For breaking news, sports updates and additional coverage, bookmark the homepage and find us on facebook and twitter.