Thursday, November 8, 2012

3 Month Market Update

This data is for all of Barry County and only includes Residential Single Family Homes as reported in the SWMRIC System.

From July 1st - September 30th 2011 there were 169 Homes sold at an Average Sale Price of $115,270.

From July 1st - September 30th 2012 there were 223 Homes sold at an Average Sale Price of $127,626.

We are seeing a great year end for Real Estate in 2012. Miller Real Estate and its Agents feel there has been a turning point in the market for this year. The above data shows that upward swing and it has continued since the first of 2012.

Take a drive around Barry County and you will see very few "For Sale" signs compared to a year ago. Miller Real Estate and other agencies are seeing fewer Foreclosures, more buyers and are working with more buyers who can't find homes. There has been a slight shortage of listings over the last 3-6 months and some agents have buyers who they have been working with for over 6 months. While this can be very discouraging to a buyer, in the overall big picture of the market, it is great news.

The overall selling price has ticked slightly upward. If you recall we talked about the lack of Foreclosure sales that led to the increase in selling price. This is still a main factor, but now we are seeing a "real" increase in actual value. While that increase is around 1-2%, it is still in the right direction. That increase is being felt in the ever slower Foreclosure market. While we used to see several $20,000 to $40,000 Foreclosure listings on the market at one time, they are now very hard to find. This is mainly due to the rebound of the market, and with these Foreclosures still being listed, they are now more accurately priced without a heavy discount.

The recent national unemployment rate dropped, there are employers in Barry County hiring, many Barry County residents feel more secure with their current job, and we are seeing families move back and into Barry County. These signs promote strong economic security in our area. While it may not be all of Michigan, it starts with the small things. Securities in the smaller communities and in your home start to become the overall big picture. Soon those small microeconomic developments become Nationwide with macroeconomic results.

Sellers are hoping to become buyers again, and soon! We are seeing back to back transactions more often, and those sellers that are once again buying, are buying here in Barry County. This is a very good sign as to the health of Barry Counties Real Estate Market!!

If you're looking to purchase Real Estate, Miller Real Estate is ready for you! Call one of our Agents today to take that next step. If you're looking to sell, call an Agent for a FREE MARKET ANALYSIS. See what proven results can do for you!!
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