Disappointing Second Quarter..
First Supply. The spring
flurry of new homes going on the market seemed to end in June. During April and May, the market grew at the
rate of two homes per day, but only increased by nine during June. Net increase for the quarter was 132 more
homes offered in the area identified in the sketch to the left.
Second Demand. During the second quarter two years ago, 277 homes sold, a little more than three per day. Last year 259 homes sold, a little less than three per day, this year 170 homes sold, a little less than two per day…a decrease of 34.4%. The market maintained exactly the same pace as the first quarter – not good when historically the second quarter is the best quarter.
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.
By this definition the Port Huron Market for homes has been in a severe Buyers Market for more than two and one half years, with an overall supply climbing from 6.3 months to the current 14.3. 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.