January Chill on Real Estate Sales in Michigan

The current deep freeze is expected to slow our Januray Sales......we certainly expect a slowdown over 2013.  Cold weather or not, most have been predicting that 2014 is not expected to be as strong as 2013 in terms of homes sold, but we should not be fooled by the year over year comparison stats that might show sales declining.  Remember that's compared to a peak year, so the activity will still be very good, just not crazy good.  Also, values are expected to continue to rise (most predict 3-6%). Dan Elsea, President of Brokerage Services for Real Estate One stated...."We think the number will be higher due to the current low inventories"

House prices improved throughout 2013 and the low inventories have helped recent sellers realize more money for their homes....often receiving multiple offers. 

Pearson Group's 4th Quarter Report Illustrates the Strong Sales Prices vs. List Price

 The recent decline in listings is somewhat puzzling considering home values have risen, affording more sellers the opportunity to sell.  Part of the cause is the reduction in bank owned new listings entering the market (now 5% of the total vs. 21% last December)  The result should be a continued feeding frenzy for those salable listings on the market going into February, which will be an opportunity for sellers.  On the other hand, buyers will continue to face frustration due to few choices and continued overbidding in many price ranges.

 

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