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.
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