What does this mean? Really, it is what we, as agents, expect to see for winter in Michigan. Coming out of a couple of years of historically low interest rates, these numbers are showing us that the market is returning to “normal” (pre-pandemic). Closed Sales, Pending Sales and New Listings all decrease during the winter months in Michigan. Not shocking to the veteran real estate agent. What does stand out to me is that Median Sales Prices are remaining the same. In fact, average sales prices still increased statistically annually for 2022 (see additional chart).
I am hopeful, as I always am this time of year, for the early spring market in Michigan. Because inventory is low, this is a good time to think about listing your home. Mortgage professionals are starting to introduce new programs for buyers that are serious about getting into a home right now. And, our team at Golden Key Realty are ready to put our expertise to work for you. Call us today to find out more information, get a comparative market analysis on your home, or find out how much home you can afford.