Tuesday, November 4, 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.

April 1st - June 30th 2013 there were 215 Homes Sold at an Average Sale Price of $147,517.
April 1st - June 30th 2014 there were 157 Homes Sold at an Average Sale Price of $162,943.

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

This data again shows an overall increase in average sale price year for year. While the number of homes sold is lower in 2014 compared to 2013, the law of Supply and Demand are at work here. The supply of decent / move-in-ready homes has dwindled. With this and the lack of discounted listings, the sale price obviously increases. More and more buyers are having to look in higher price ranges just to find a home worth purchasing.

While the above data is strongly encouraging, we are still below the pre-crash (2009) numbers.

The below data is from the same timeline as above data.

2005 - 235 Homes Sold @ $145,289
2006 - 199 Homes Sold @ $164,515
2007 - 183 Homes Sold @ $172,635
2008 - 182 Homes Sold @ $123,733
2009 - 138 Homes Sold @ $99,474

You can clearly see that in 2007 we were at a 10 year high, then in 2008 the overall market dropped significantly (Pre-Crash) and even more in 2009 (Full Crash). We are getting much closer to a stabilized market and with the FED's announcement of their Qualitative Easement ending, we see signs that continue to show our economy is strengthening. Read the FED article by clicking HERE!

The law of Supply and Demand continues to dominate pricing strategy. Miller Real Estate still is seeing abundant demand with little quality supply. This factor may not be as much of an influence with properties in the City of Hastings or Village limits, but properties with 1+ Acres and a dwelling, are much harder to find. This type of property of course being the "Bread and Butter" of Barry County Real Estate.

If your thinking of Buying or Selling give Miller Real Estate and its Agents a call today! We will guide you through the current market and provide options that best help you achieve your Real Estate goals!
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