Friday, February 28, 2014

Midland Michigan Real Estate YTD

The Midland, Michigan Real Estate market usually heats up in the early spring. Last year, our local REALTORS® noticed things picked up a bit early- possibly due to the weather. So how are we doing this year? We've compiled some data for you and analyzed the sales year to date.

Demand for single family homes fluctuates based on price, location, and size. Since January first of 2014, REALTORS® in the Midland Board have sold 115 residences. Broken down by number of bedrooms, nearly 60% of those sales were homes with three bedrooms. The graph above shows the full break down of the homes sold this year. This year's sales are broken down by price range in the graph below.

You'll notice that 27 homes sold under $75,000 dollars. A number of those sales represent foreclosures or short sales. Midland has a healthy "fix and flip" market (one reason why you rarely abandoned homes in our area) and investors often snatch up these properties. Of the 115 homes sold so far this year, the average sale price is $138,345 which falls right around the middle of our 75k-150k range.

While there have not been as many new listings added to the Midland area market this year as last year at this time, sales have remained steady. This leaves us with about 4% fewer homes available for sale. Lower inventory and strong demand means that buyers may experience competition for a home they decide to purchase. For the same reason, prices are likely to remain strong which is good news for home sellers.

For more detailed information about the Midland real estate market, home values, and homes for sale in the Midland area give us a call at 989-698-1100, or visit our website:! We'd love to help in any way we can.

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