We have made it through another competitive summer in the local Real Estate market. We are still in a SELLERS’ MARKET which has become even more competitive and affected by COVID-19 restrictions that limited Realtor activities (no homes being shown, no Open Houses, etc.) in the spring of 2020.
Consider the following stats for Clinton-Eaton-Ingham County, single family home sales for the first 9 months of 2018-2020 based on data from the Greater Lansing Association of Realtors:
- Number of Homes Sold has decreased each year, almost 300 fewer homes were sold in 2020 compared to 2018. This was most likely affected by COVID-19 restrictions.
- Average Sale Price is UP from $169,668 to $196,001, that’s an increase of 15.5% in two years
- Selling Price as a percent of list Price (SP/LP) has INCREASED from 98.0% to 99.1%, meaning that houses are selling closer to the price that they are originally listed for
- Average Days to Sell is UP from 50.0 days to 53.8 days, an increase of 3 days, this may be due to delays during COVID-19 restrictions/shut down
So for the first 3 quarters of 2020, Fewer homes were sold and they are selling for MORE MONEY, CLOSER TO LIST PRICE, and still SELLING FAST. By the numbers we are definitely in a Sellers’ Market.
What can Buyers do in a Sellers’ Market? As the demand for homes in our area continues to rise, there just aren’t enough homes to sell. This is a frustrating situation for Buyers who are encountering a VERY competitive market including multiple-bid situations and over-bids.
Be sure to work with an experienced agent that is in touch with the market and be ready to move quickly when you find the perfect home.
Whether Selling or Buying, give me a call, I would love to talk to you about your plans and offer my assistance in helping meet your real estate goals. “My goal is achieving yours”