MARKET STATS – SAGINAW UPDATE – MIDLAND 1ST QUARTER REPORT – BAY 1ST QUARTER REPORT
As insanely busy as the 1st quarter was for me, and the positive statistics I wrote about in my last edition; it appears Saginaw County in general showed a decline when compared to the last four years. My report a few weeks ago for Saginaw spoke of lesser amount of transactions, but the positivity of the steadily increasing average sales price. It appears, at least for the 1st quarter, when all is said and done that the increase of prices seems to have hit a standstill, and the number of transactions is still down. However (you’ll always hear the bright side from me, and I know there always IS a bright side) the fact remains that there are still high demand areas, and if your home is priced accurately and is clean – there’s a market for it! I’m consistently hearing agents say we need more inventory, that they’re crazy busy, and there’s a low supply of “nice” homes. I’ll touch base in another session about the best ways to make your home worth more without spending a fortune.
Anyone from Mid-Michigan can tell you that though our Tri-County borders bring us together, the housing markets are very different. Midland tends to have the highest average home sale price of the three counties. They are also the only county of the three who didn’t see the 40% drop in home values back in 2008-2009. In fact, they are already showing prices a bit higher than 2005 and just a hair below the highest in a decade that occurred in 2007. The average home sale in Midland is currently around $156,000. Though the number of transactions here was also down somewhat, the rebound in price seems to be enough to make up for the total volume in sales. There are however, areas of Midland County as a whole that have suffered more than others. Again, like Saginaw and Bay – it is the out-area townships that are having a Days-On-Market (DOM) issue. For instance a home in Lee Township in the $150,000-200,000 price point shows an average DOM of 36 months and over in Edenville Township if your home is over the $300,000 price you may expect a whopping 48 month average DOM! As a whole, I am seeing a lot of “green” on my Midland Stats sheet though – which means an average DOM under 3 months, and that’s great! These DOM’s are an average and don’t take into account if you’re listing with a great agent or just an agent, and trust me it makes a difference! (That’s another blog topic to come – What makes a great agent) All-in-all Midland County, you’re doing pretty well.
BAY COUNTY STATS
I mentioned in my previous entry that covered Saginaw, that looking at Bay County’s long term stats really surprised me. I think most people believe Bay County to be doing pretty well but looking at the average prices over the last decade shows Bay County to have suffered greatly, and has the slowest rebound in terms of recovering prices. In 2005 the average home was $140,000. It dropped to just $70,000 in 2009 (yes, 50%!) and has only rebounded to about $92,000 so it has quite a ways to go before getting back to “before the crash” prices. The total volume for Bay County did pick up quite a bit from 2012-2014. 2014 landed right around $95 million in sales volume which is a positive 28% compared to 2008. I’m seeing mostly green in the Bay County Stats as well, which is great! There are only a handful of red areas here, which are all in the higher price points. If you don’t have a home worth more than $300,000 in Pinconning, or more than half a million in the City, you should be just fine.
SUMMARY – All in all, as I will always continue to say, the market can be quite a hilly road on a graph but whether it’s on the downhill or upward trek of the thing – homes are selling. The key is to get the right agent, who will work hard to sell your home and for you to listen to your agent when it comes to their suggestions. A good agent will not advise you to spend a lot of money, but they will have a small list of invaluable items you can do to be sure your home is the one that sells! They’ll also market your home, not just place it on the MLS with a sign in your yard. But here I go on a whole other topic… so til next time – —–
And remember, if you would like a full marketing report or market analysis on your home, please send me a message at firstname.lastname@example.org or sign up for Market Watch at http://www.homesofmidmichigan.com