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