Here’s
the latest Saline real estate market
report for March 2014. This is an
update to my monthly sales report
from the beginning of the month. (Original article by Vance Shutes). Let’s take a
look at how the market for Saline homes
looks right now:
Each month,
I review all of the homes for sale (column 2, “available”) in the Saline school
district within defined price ranges (column 1), and those homes where the
sellers have accepted a purchase offer from a buyer (columns 3 & 4 – Percent
Pending). I also review all of the sales
in past 30 days in each price range (column 6).
The results for March 2014 are shown in the table below:
The
number of homes actively for sale fell again this month, from 95 in
February to 90 now – another seasonally-expected result, but still a decline –
and most of it likely due to the continued bad weather! Recall that we were in the 180’s last summer,
and nearly 400 back in 2008. When you’re
buying a home, having plenty to choose from is a good thing. When you’re selling a home, less competition
is good, so having fewer homes on the market is good for sellers - at least, for now.
The
number of homes with a pending sale (where the seller has accepted an offer) rose
significantly this month, from 28 last month to 48 now. This is another seasonally-expected result -
after all, we’re in the “Spring” selling season (though you wouldn’t know it
from the weather!).
The months
of supply (an indication of how quickly homes are selling) is now at 9 months,
which is well above our “normal” market range of 3-6 months. I wouldn’t worry
too much about this – it’s only worse due to the bad weather (temporarily)
suppressing sales.
Let’s
take a look at the overall strength of the market for Saline real estate going back since 1996.
The
chart above shows a historical view of the percent pending in the Saline real
estate market.
You
can definitely see the strength in our real estate market last spring (2013), when
we hit the highest percent pending that we’ve ever hit since I’ve been recording
data since 1996! We have likely escaped our
winter low in percent pending, and at 35% pending in March, we’re in very good
shape for setting a new record high later this spring - as long as our
inventory levels remain steady, and demand surges with the warmer weather.
I’ll
continue to monitor our market conditions, which I review with home sellers
when they are considering whether to market their home. You can make better decisions when you know
the overall condition of our market for Saline
real estate.
If you want to be the first to know about
conditions in the market for a Saline home
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Saline is a great place to live, with
great access to the freeways to Detroit, Jackson,
Brighton,
and beyond (via Metro Airport), which is only about a half-hour away.
In Saline, you’ll find Dan’s
Downtown Tavern, Mac’s Acadian Grill, Brecon Grille, Mangiamo,
and the Saline Inn.
Ann Arbor
is only 10-minutes away, where you’ll find the University of
Michigan campus, Briarwood
mall, Hill Auditorium (for World-class
musical performances), and the Ann Arbor Art
Fairs in the summer.
If you have questions about your specific situation, or if you’re
considering buying or selling any Saline
real estate, you owe it to yourself to take advantage of my
experience in the Saline market, and check out what others have been saying
about me. I’d be happy to meet with you! Just give me a call at (734) 476-2063, or
send an e-mail, “Vance (at) SalineMichiganRealEstate (dot) com”.
See you next time!
