We will begin this real estate update by looking at Michigan’s southeastern region, specifically the counties of Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne. As predicted, year-to-date new listings across the board have decreased with St. Clair County experiencing the least significant loss of 24.5%, which totaled 628. The hardest hit was Oakland County, which saw year-to-date new listings fall just under 32%, which totaled 5,372. As a result, this has made the southeastern Michigan real estate market even more of a seller’s market, where buyer competition is strong. Despite the unusual situation our local housing market is currently experiencing, seller’s in southeastern Michigan are still receiving up to 98.4% of list price.
We will now look to the west side of our state, specifically the counties of Ionia, Kent, and Montcalm. Following the same trend as in southeastern Michigan, new listings have also decreased across the board with Kent County experiencing the least significant loss at 16%. The hardest hit county was Montclam, which saw year-to-date new listings fall by 22.6%, totaling just 219. Kent was the only county of the three to see a slight increase in year-to-date closed sales, increasing by 0.2%. Additionally, homes in the west Michigan corridor are still receiving between 95.7% – 98.8% of list price, which tells us the market is still competitive.
Finally, we will be looking at the Lansing Michigan tri-county region, which is composed of Clinton, Eaton, Ingham. Again, following the same trends as in southeastern and west Michigan, homes here have also seen year-to-date new listings fall across the board with Ingham County experiencing the least significant loss of 22.2%, which totaled 1,139. On the other hand, Clinton County saw the most significant drop of 28.3% in year-to-date new listings, which totaled 279. Despite this drop in new listings, Eaton was the only county to see a year-to-date increase in closed sales from 316 to 338, which is a 7.0%. With buyer competition staying strong because of this lack in new listings, seller’s are receiving between 96.1% – 98.9% of asking prices.