MARKET MEMO – July 2020 DATA*
When looking at the Lenawee County housing market in July, we see a lot of positive activity happening, along with some big opportunities for sellers.
July’s sold numbers indicate that 50 more residential properties sold this month than in June, and looking at the average list and sold prices, we see an increase of nearly $5,000.00 which in result produced a slight increase in the list/sold ratio.
With more properties selling in a limited inventory, there was an increase of about $10,000.00 in the average listing price. With properties that are priced right, we are seeing multiple showings and multiple offers. Some are even including escalation clauses!
What we’d really like to see is an increase in seller’s in the market to grow the inventory. It is a seller’s market right now! Historically low-interest rates are bringing buyers to the table in great numbers, and many buyers are making offers on multiple homes before they finally get a purchase agreement accepted. Being boxed out of purchasing a home, is very disappointing but that is what is happening in our local robust real estate market right now.
We have many buyers looking right now. If you are considering selling, call us first and then have a game plan on where you are headed next!