Market Continues Decline During Third Quarter..
Demand is not keeping up increase in supply, causing
the inventory of homes to grow. Inventory increased by 27 homes in the
Port Huron area during the third quarter. Good news is that the decrease
in demand seems to have leveled out with only five fewer sales this past quarter
compared to the same quarter last year..
The market remains a strong buyers market with a 15.5 months supply of housing - 50% higher than the national average.
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.