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.
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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.
At Mill Pond Park, you can picnic, fish, take your dog for a run, or sled in the winter.
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!