Better, but still worse..
At the expense of sounding like John Kerry’s famous “I
actually voted for the war, before I voted against it…” The market demand is
better than what we saw in April, but worse than last year. At the end of April, market demand was off
34.8% compared to the second quarter of last year. It has improved, but is still running 28.1%
behind what was a very slow quarter last year. Nearly all price ranges were
off, with only those homes under $50,000 showing an increase.
The supply of homes continued to build during the month of May with a total of 123 more homes since the end of March. The "Months Supply of Housing" increased from 11.6 at the end of March to 13.3, at the end of May.
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 12.3. 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 homes you 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.
The big news of the month was the ground breaking ceremony for the Chrysler plant in Marysville, and the passage of the school millage in Marysville.