Real Estate Update | July 2020

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 St. Clair County experiencing the least significant loss of -15.5%. The county that was impacted the most was Macomb County, which saw year-to-date new listings fall just under -26%. It’s important to note here that although year-to-date new listings have fallen across southeastern Michigan, these decreases are almost 5% smaller than the decreases experienced last month. This is a positive trend and shows us our housing market is 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. Still following the same trend as in southeastern Michigan, year-to-date new listings (with the expectation of Montcalm) have decreased when compared to last month. Montcalm County experienced the most significant decrease in year-to-date new listings, falling -28%, which is 3% higher when compared to the previous month. Kent County again saw the least significant loss of -14% in year-to-date new listings. Of these three counties, it was only Ionia that saw an increase in pending sales, which increased 4.2%—a whole percentage point higher compared to the prior months pending sales. 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. Again, the housing market here still follows the same trends as in southeastern and west Michigan. Homes here have seen year-to-date new listings fall across the board with Clinton County experiencing the most significant loss of -29.4%. On the other hand, Ingham County again saw the least significant drop of -21.3% in year-to-date new listings. Of these three counties, it was only Clinton that saw an increase to its percentage of list price received, which totaled 99.9%—an increase of 1.8% compared to the previous month.

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