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With steady economic and employment growth in our area, and our continued low interest rates, there has never been a better time to buy or sell a home in Southeast Michigan.
Statistics show that in the $150,000 and under price range, sales have picked up and inventory continues to fall. Sellers in this range are smiling, but buyers are getting very frustrated.
In the $250,000 price range, sales have been strong all year. However, in the last 90 days, we've noticed a slowing trend in inventory. Of course, this means conditions are getting better and better for sellers in this range.
In the $500,000 to $1 million price range, we are seeing slowing sales and a growth in inventory. This is the move-up market, where many sellers are buyers. So, the pace of buying and selling are generally hand-in-hand in the market segment.
Sales have slowed considerably in the luxury market of homes priced over $1 million. The continued rise in inventory has caused values to flatten, and in some market areas, even decline.
Overall, the market is making a shift from a strong seller's market to a more balanced market, which is great. There is no bad news here, just different news, which will require buyers and sellers to set new expectations.
If you have any questions about where the Southeast Michigan market is heading, please don't hesitate to reach out to us. We would love to hear from you!
