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.