Realcomp November Market Stats | What Buyers and Sellers Need to Know
Donald Horne, Broker / Owner, Team Success Listing LLC
Overview of November’s Housing Market
Realcomp’s latest report highlights key trends in Michigan’s real estate market for November. The data reveals both challenges and opportunities for buyers and sellers as the market continues to shift.
Market Trends at a Glance
Closed Sales: Decreased by 2% compared to last year, signaling slightly lower buyer activity.
Pending Sales: Remained steady with no year-over-year change, showing consistent buyer interest.
Median Sale Price: Increased by 10%, reaching new highs as demand outpaces supply in many areas.
New Listings: Dropped by 2%, continuing the trend of limited inventory entering the market.
Homes on Market: Rose by 13%, giving buyers more options but also lengthening selling times for some properties.
Average Days on Market: Increased by six days, now averaging 38 days, reflecting a slower pace of sales.
What This Means for You
For sellers, the 10% increase in median sale price is encouraging, suggesting strong demand for well-priced homes. However, the rise in average days on the market and the 13% increase in homes available mean that competition is growing. To stand out, it’s essential to ensure your home is priced competitively, staged effectively, and marketed aggressively. Consulting with us can make all the difference in navigating these conditions and maximizing your sale price.
For buyers, the 13% increase in homes on the market may provide more options compared to previous months. This shift could lead to more negotiating power in certain segments of the market. However, rising prices and a slower pace of sales could mean additional challenges, such as qualifying for financing or finding a property within budget. Partnering with us can help you identify opportunities and secure the best deal.
For those who are considering entering the market, these statistics highlight the importance of timing and strategy. Whether buying or selling, understanding the nuances of the local market will ensure you’re positioned for success. With inventory and pricing trends shifting, now might be the perfect time to evaluate your goals and create a tailored plan to meet them.
Donald Horne / Broker-Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com / 1-810-338-0628
https://www.teamsuccesslisting.com
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