Real Estate Update | June 2020

You may have heard the faint sound of celebration as Michigan real estate agents are now happy to be able to show homes in person again. Although homes were still coming to market during Michigan’s stay-at-home orders, it was not nearly as many for the seasonal market we typically experience. However, when the stay-at-home order was lifted, our housing markets picked up immediately. Welcome to the combined spring and summer market!

To begin this real estate update, we will focus on Michigan’s southeastern region, specifically the counties of Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne. As expected, year-to-date new listings across the board have decreased with Macomb County experiencing the most significant loss of -29.4%. The county that was impacted the least was St. Clair County, which saw year-to-date new listings fall -21.1%. It’s important to note here that although year-to-date new listings have fallen across southeastern Michigan, these decreases are almost 10% smaller than the decreases experienced last month. This is a great sign that shows us our housing markets are beginning to heat up again, if they’re not already.
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Shifting gears to the west side of our state, we will now look at the counties of Ionia, Kent, and Montcalm. Following the same trend as in southeastern Michigan, year-to-date new listings have also decreased across the board, however, these decreases are improvements from last month. Montcalm County experienced the most significant decrease in year-to-date new listings, falling -25%. Kent County saw the least significant loss of -15.7% in year-to-date new listings. Of these three counties, it was only Ionia that saw an increase in pending sales, which increased 3.2%. This is a sign that tells us that the west Michigan housing market is beginning to heat up as well. Another positive sign is that if you look at Kent County, sellers here are receiving offers over-asking price—an impressive 100.2%! Not only is the market heating up again, but it’s also still very competitive among buyers.
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Finally, we will be looking at Lansing’s tri-county region, which is composed of Clinton, Eaton, and Ingham. Not surprisingly, the housing market here still follows the same trend as in southeastern and west Michigan. Homes here have seen year-to-date new listings have fell across the board with Clinton County experiencing the most significant loss of -30.1%. On the other hand, Ingham County saw the least significant drop of -23.1% in year-to-date new listings. Of these three counties, it was only Eaton that saw an increase in closed sales, which increased 13.3%. Again, this is a positive sign telling us the mid-Michigan housing market is heating up again and it should be expected that Clinton and Ingham follow the same trend heading into summer.
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