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.
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.
Local Real Estate Market Update
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