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.
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