Tuesday, June 25, 2013

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.

January 1st - March 31st 2012 there were 136 Homes Sold at an Average Sale Price of $111,164.

January 1st - March 31st 2013 there were 144 Homes Sold at an Average Sale Price of $108,562.

This data shows a slight decrease in Average Sold Price from 2012 to 2013. In looking further into the data, there were 3 homes in 2012 that sold over 1 Million. During that same time period in 2013, there was no home sold past the $550,000 mark. This has greatly influenced the Average Sold Price value.

There were also slightly more sales in 2013. Many of the sales in early 2013 were of homes that had been on the market for a significant amount of time in 2012. Ultimately those sellers made a decision to complete a price decrease to end up obtaining a ready, willing and able buyer.

Miller Real Estate is currently experiencing a decrease in listing activity and in some cases are having a real issue finding listings for our current buyers. Many buyers are having to expand their search based on location, price, or excluded details they may have wanted in a home. This activity has turned the market into a Sellers Market. While that activity is great for Sellers, they must still realize that the correct price will ultimately produce a sale.

There are still many homes that are holding on the market for long periods of time. We have seen this type of activity in the Lakefront, $200,000 + Market and the Under $100,000 Market (if not priced properly). Those buyers looking in the Lakefront and $200,000 + Market tend to use Conventional means of financing and put 20% or more down. Lots of times these buyers may be second home or "final" home buyers. These buyers are still concerned with the overall economy and are holding on tightly to those hard earned dollars. They are keeping those funds in easily accessible, safe and secure types of markets like Money Markets, CD's, Savings accounts.

We are seeing a real upswing in overall selling prices from the past 6 years. 2013 is certainly turning into the "swing" year for Barry County Real Estate. Miller Real Estate and its Agents are seeing a decrease in Foreclosure activity, a significant increase in Buyer activity, a slow down in Listing Activity, which the laws of Supply and Demand dictate is a Sellers Market.

Buyers are now in a market where Multiple Offers, Offering over Listing Price and not finding many listings to choose from is becoming the new normal.

If you are currently in the market for buying Real Estate, make sure you talk to a Miller Real Estate Agent today for the quickest, smartest, most knowledgeable experience in purchasing Real Estate.

In the market to Sell? Miller Real Estate and its Agents are ready to take on your listing. Our top of the line approach to finding the right way to list your property, dedicated persistence to see the deal through to closing and requirement that our agents are Full Time make it a wise choice to call us today!!
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