Fourth Quarter Sends Mixed Message..
Similar
to last year the number of homes offered for sale is decreasing, but not only
because they have been sold. Sellers are taking their homes off the market
during the winter months. On October 1st there were 1011 homes on the
market, through November, another 242 were listed - totaling !,253 108
have sold during that time and 244 went off the market for some other reason
leaving us with an inventory of 901. The 108 homes that sold is
13.6% less than last year for the same period..
So while the supply of housing is down from 15.5 months to 13.6 months supply, like last year, those homes will probably come back on the market starting in March and the net effect will probably be worse.
The National Association of Realtors defines a "Buyers Market" as a market where the supply of homes currently on the market exceeds the historical demand for homes by more than six months. For example, if a market normally has 100 homes a month selling and there is more than 600 homes on the market, it would meet this definition. A five month's supply would be judged a balanced market.
By this definition the Port Huron Market for homes has been in a severe Buyers Market for more than three years, with an overall supply climbing from 6.3 months to the current 15.5. We track twelve price ranges and find a great variation - but all would be classified as "Buyers Markets".
If selling, it is helpful to know how many buyers will likely "surface" during your time on the market, and how many other homes will be competing with for those buyers. Your market strategy should take into account a price range of $10,000 to $25,000, with homes of similar location, age, size, and amenities. Homes are still selling and the sellers who "know the market" have an advantage in attracting a buyer to their home. If you are considering marketing your home, call Coldwell Banker Choice Real Estate at 810-987-1424 and have them “customize” a “Supply & Demand” analysis for your home.