" alt="Fenton, MI Real Estate | Legacy Realty Pros" />We are so grateful for our agents and the ability to hold our own continuing education class this month. Thanks to Continuing Education Market Place for approving our unique program that is exclusively created for our Legacy Professionals!
June 10th Market Update
Legacy Realty
Professionals, Inc.
June 10, 2020 Market Update
Many of our clients and friends are wondering about how the real estate market is doing since we were released from the Stay at Home Executive order. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family. Fenton, Lake Fenton, and Linden School districts current market conditions are…
Active Homes for Sale
There are currently 176 homes on the market with an average asking price of $411,000. The number of available homes is down 14 homes over last week.
Pending Home Sales
There are currently 179 pending home sales with an average asking price of $289,000. This number is up 19 homes from last week and the average asking price is up $4,000.
Year to Date Closed Home Sales
There have been 253 closed sales with an average sales price of $254,000. As anticipated, this is down significantly from the same period last year. There were 377 closed sales with an average sales price of $279,000 during the same time frame in 2019.
Market Analysis
Buyers are purchasing existing inventory faster than new homes are coming on the market. They currently have 14 fewer homes to look at in these three school districts than they did one week ago and 20 fewer than two weeks ago. Our pending sales mirror this trend with 19 more pending sales than one week ago. Homes in reasonable condition and priced appropriately often have multiple offers within days of hitting the market. Sales are down by 33% year over year, but gaining momentum. While the affordable end of the market is very competitive, the market over $500k continues to lag. Closed sales in that category are still down 60% year over year.
For those considering selling, now is an excellent time. In our ongoing effort to help you plan for the future, we will be watching the market carefully and keep you posted.
Please feel free to reach out to a Legacy Professional with any real estate questions you may have.
All data is from the East Central Association of Realtors
Market Update – 6-03-20
Legacy Realty
Professionals, Inc.
June 3rd Market Update
Many of our clients and friends are wondering about how the real estate market is doing since we were released from the Stay at Home Executive order. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family. Fenton, Lake Fenton, and Linden School districts current market conditions are…
Active Homes for Sale
There are currently 190 homes on the market with an average asking price of $399,000. The number of available homes is down 6 homes over last week and prices are stable.
Pending Home Sales
There are currently 160 pending home sales with an average asking price of $285,000. This number is up 23 homes from last week and the average asking price is up $3,000.
Year to Date Closed Home Sales
There have been 235 closed sales with an average sales price of $255,000. This is down almost 40% from the same period last year. There were 388 closed sales with an average sales price of $262,000 during the same time frame in 2019.
Market Analysis
The demand for housing in our market remains very strong. The number of buyers in the affordable end – under $200k- exceeds sellers by a significant margin. Our firm has been involved in two situations in the past week where one home seller received 9 offers over the Memorial Day weekend and another received 12 offers for consideration. This is obviously a strong signal that consumers are confident about their employment and financial stability. Pending sales rose faster this week (23) than last (15). With active listing roughly the same level, we can tell that the majority of new homes hitting the market this week went under contract within their first week. It will be interesting to see if this pace continues now that the governor has further eased our restrictions and is now allowing all properties to be shown and open houses to be held.
For those considering selling, now is an excellent time. In our ongoing effort to help you plan for the future, we will be watching the market carefully and keep you posted.
Please feel free to reach out to a Legacy Professional with any real estate questions you may have.
All data is from the East Central Association of Realtors
Flower Baskets from Gerych’s
A big Thank You to Jon Gerych and his staff at Gerych’s Greenhouse, Flowers and Events for providing the beautiful baskets for the City of Fenton and for our office!
Market Update 5-27-20
Legacy Realty
Professionals, Inc.
May 27th Market Update
Many of our clients and friends are wondering about how the real estate market is doing since we were released from the Stay at Home Executive order. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family. Fenton, Lake Fenton, and Linden School districts current market conditions are…
Active Homes for Sale
There are currently 196 homes on the market with an average asking price of $398,000. The number of available homes is up 7 homes over last week – or just under 4%.
Pending Home Sales
There are currently 137 pending home sales with an average asking price of $282,000. This number is up 15 homes from last week and the average asking price is up $2,000.
Year to Date Closed Home Sales
There have been 228 closed sales with an average sales price of $256,000. As anticipated, this is down significantly from the same period last year. There were 362 closed sales with an average sales price of $263,000 during the same time frame in 2019.
Market Analysis
Demand continues to be strong. Buyers are out in force and ready to make offers. However, they appear to be in greater numbers toward the affordable end of the scale. As housing becomes available under $200k, in general it is snapped up quickly with the sellers being able to choose from multiple offers. There are currently 8 homes actively available in this price range and 42 pending. If we look up to $300k there are 96 active and 97 pending. We also note with interest that so far this year there have been fewer than half the number of closed sales over $500k than during the same time last year – 10 versus 22. Although year to date closed sales are down by 37% year over year, the sellers at the affordable end will enjoy clear sailing for the foreseeable future. It is too early to know for certain but those in the higher price points may face some more challenging seas. For those considering selling, now is an excellent time. In our ongoing effort to help you plan for the future, we will be watching the market carefully and keep you posted.
Please feel free to reach out to a Legacy Professional with any real estate questions.
All data is from the East Central Association of Realtors
Market Update 5-20-20
Legacy Realty
Professionals, Inc.
May 20th Market Update
Many of our clients and friends are wondering about how the real estate market is doing since we were released from the Stay at Home Executive order. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family.
Fenton, Lake Fenton, and Linden School districts current market conditions are…
Active Homes for Sale
There are currently 191 homes on the market with an average asking price of $382,000. The number of available homes is down 11 homes over last week – or just over 5%. We expected this number to rise this week from last but as you will see below, the pent up demand from buyers was strong.
Pending Home Sales
There are currently 122 pending home sales with an average asking price of $280,000. This number is up 28 homes from last week and the asking price is up $10k. We also anticipate this number to continue to rise as the weather warms up and more people head back to work.
Year to Date Closed Home Sales
There have been 222 closed sales with an average sales price of $254,000. As anticipated, this is down significantly from the same period last year. There were 343 closed sales with an average sales price of $264,000 during the same time frame in 2019. This reflects a decline of 35% year over year in volume and a 4% decline in average sales price.
Market Analysis
Buyers have jumped back into the market faster than sellers. This is probably due to the challenges sellers had preparing their homes for sale during the lock down. In the coming week, as sellers complete their finishing touches, we expect both homes for sale and pending transactions to continue to rise. Anecdotally, we have received several full price offers on our homes we are representing, which is encouraging. We have seen some buyers drop out of the market due to job loss or reduced wages but clearly this has not hampered the sale of the new inventory coming to the market. For those considering selling, now is an excellent time. In our ongoing effort to help you plan for the future, we will be watching the market carefully and keep you posted.
Please feel free to reach out to a Legacy Professional with any real estate questions you may have.
All data is from the East Central Association of Realtors
Market Update
Legacy Realty
Professionals, Inc.
Market Update
Many of our clients and friends are wondering about how the Stay at Home Stay Safe executive order will affect the real estate market. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family. All data is from the East Central Association of Realtors multiple listing service.
So here is where we are at as of May 13th, 2020.
Active Homes for Sale
There are currently 202 homes on the market in Fenton, Lake Fenton, and Linden School districts with an average asking price of $375,000. This is up 23 homes over last week – or just over 10%. We expect this number to continue to climb significantly over the coming weeks.
Pending Home Sales
There are currently 94 pending home sales with an average asking price of $270,000. This number is up 12 homes from last week and the asking price is stable. We also anticipate this number to continue to rise as the weather warms up and more people head back to work.
Year to Date Closed Home Sales
There have been 218 closed sales with an average sales price of $255,000. As anticipated, this is down significantly from the same period last year. There were 318 closed sales with an average sales price of $260,000 during the same time frame in 2019. This reflects a decline of 31% year over year in volume and a 2% decline in average sales price.
Expectations
Frankly, we were hoping for a faster increase in available inventory; but it is taking both buyers and sellers a little while to get back in the swing of things. We expect both homes for sale and pending transactions over the coming weeks to rise but given the time frame for a typical closing of 30 to 45 days; it will take at least a month for closed sales to significantly pick up. Anecdotally, we have received a number of full price offers on our homes we put on the market this week, which is encouraging. With changing underwriting guidelines, we are focusing on making sure that our buyers are in close contact with their lenders to insure we are shopping for the right home in the right price range. In an ongoing effort to help you plan for the future, we will be watching the market carefully and keep you posted.
Feel free to reach out to a Legacy Professional with any real estate questions you may have.
Local Real Estate Market Update
Legacy Realty
Professionals, Inc.
Market Update
Many of our clients and friends are wondering about how the Stay at Home Stay Safe executive order will affect the real estate market. Since our local real estate market is not necessarily the same as the regional or national market; we thought it would be helpful to provide you with regular statistical updates and analysis to help you make financial decisions for your family. All data is from the East Central Association of Realtors multiple listing service. So here is where we are at as of May 6th, 2020.
Active Homes for Sale
There are currently 179 homes actively on the market in Fenton, Lake Fenton, and Linden School districts with an average asking price of $375,000. With real estate agents legally able to put up signs and show homes beginning the May 7th, we expect this number to rise rapidly
Pending Home Sales
There are currently 82 pending home sales with an average asking price of $271,000.
Year to Date Closed Home Sales
There have been 211 closed sales with an average sales price of $255,000. As anticipated, this is down significantly from the same period last year. There were 293 closed sales during the same time frame in 2019. This reflects a decline of 28% year over year.
Expectations
We expect a jump in both homes for sale and pending transactions over the coming weeks. Looking farther out, the question will be how great the impact from the economic shutdown will have on the pool of potential buyers. It is too early to tell if it will be significant enough to have a negative impact on pricing in general but anecdotally we are seeing lenders tighten their credit requirements and restrict their lending portfolio and some buyers who are unable to meet these new standards. In an effort to help you plan for the future, we will be watching the market carefully and keep you posted.
Max & Erma’s
Frank Cramer an Associate Broker at Legacy Realty Professionals, Inc. in Fenton recently closed the sale of the former Max and Erma’s restaurant in Auburn Hills, MI near the Great Lakes shopping mall. The sale was just under $2 million.
This location is almost 6000 square feet and seats over 200 people. The new owners plan to open as a family restaurant within the next 60 days.
Way to go Frank!
CROP Hunger Walk
Join us tomorrow, Sunday, May 7th as we walk to end hunger! CROP Hunger Walks are sponsored by Church World Service and local businesses and organizations to raise funds to help those in need around the world and in our communities. The money raised goes to the Church World Service organization to provide food, water, seeds, tools, and water systems to those who need it most. Currently, throughout the United States, there are more than 1’000 Hunger Walks each year!
This year the walk will be held at Christ the Redeemer Catholic Church in Lake Orion. Registration is at 1:15pm and the walk begins at 2:00pm. If you can’t make it to the walk you can also make an online donation! Come be a part of this worthy cause. We’ll see you out there!