Wednesday, May 7, 2014

3 Month Market Update

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

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


January 1st - March 31st 2014 there were 117 Homes Sold at an Average Sale Price of $119,016.

Miller Real Estate and it's team of Agents have felt a significant increase in overall selling values!

We want to be sure to not rush to any conclusions and look at the actual data. While the above may lead you to believe your homes value may of increased by 9% since this time last year, we would like to point out a couple of key details.

1. There were 27 fewer homes sold in this period compared to 2013. In 2013 there was an average of 373 homes for sale in January to March. In 2014 there was an average of 311 homes for sale in those same months. The law of Supply and Demand has buyers looking and buying at higher priced ranged homes due to this lack of inventory.

2. There are fewer discounted (foreclosure) homes on the market. January to March of 2013 saw an average list price of $184,000. January to March of 2014 saw an average list price of $219,500. 2014's higher average list price can be attributed to the shortage of listings under that famous $100,00 price point.

This data clearly shows a lack of inventory that creates an higher overall average selling price. While property values are on the increase, don't be totally fooled by the upfront data.

Miller Real Estate and our Agents feel that 2014 will be our starting point to a better determination of property value increases! As we transform out of a discount (foreclosure) based market, we will truly gain an understanding of the full inflation of a properties value.
There was an error in this gadget

Barry County

Barry County
Click Picture to View Website

State of Michigan

State of Michigan
Click Picture to View Website