Real Estate Update | October 2020

To begin this real estate update, we will focus on southeastern Michigan, specifically the counties of Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne. In this region, home prices continue to rise as the year-to-date median sales price increased the most in Wayne County for the third month in a row, by 10.6% to $187,192. The next highest year-to-date median sales price increase was again followed by St. Clair County, which saw prices go up by 8.6% to $205,406. Year-to-date closed sales across the board have decreased with St. Clair County experiencing the least significant loss of -1.7%. On the other hand, Wayne County saw the most significant loss of -11.1% in year-to-date closed sales. The decline in home sales is not due to a lack of interest, it is due to a lack of inventory that led to this decrease in year-over-year home sales during September and throughout the summer months. The market certainly does not lack buyers. The county that was impacted the least in year-to-date new listings was Washtenaw County, which saw new listings fall -12.4% totaling 3,758. St. Clair and Livingston were the only counties to see pending sales increase by 5.3% and 2.3% respectively.

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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. Similar to the trends seen in southeastern Michigan, the housing market here in west Michigan has also seen a decrease in home sales. Though sales in this region were fewer than last year, the month of September saw robust activity fueled by strong buyer demand and interest. Year-to-date new listings have decreased across the board with Ionia County experiencing the most significant decrease falling -20.4% totaling 479. For the third consecutive month, Kent County saw the least significant loss in year-to-date new listings, dropping -11% totaling 8,552. Of these three counties, it was only Ionia that saw an increase in pending sales—up a solid 8.1%. Something interesting to note in this region is that sellers in Kent County are receiving offers over-asking price—an impressive 101.2%, which year-over-year has increased 3.5%.

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To conclude this month’s real estate update we will look at Greater Lansing’s tri-county region, which is composed of Clinton, Eaton, and Ingham. As expected, year-to-date new listings have fallen across the board with Clinton County for the third month in a row experiencing the most significant loss, dropping -21.4%. On the other hand, Eaton County again saw the least significant loss in year-to-date new listings, down -15.6%. With fewer homes coming to market, year-to-date closed sales have also decreased—with Clinton County seeing the largest decrease of -11.5%. Eaton County continues its positive trend as year-to-date closed sales here decreased the least, dropping -4.5%. All three counties saw an increase to its year-to-date percentage of list price received with sellers in Clinton County receiving 100% of asking price, which is up by 3.1% year-over-year. Not only is the mid-Michigan market continuing to heat up again, but it’s also still very competitive among buyers.

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