Tuesday, April 15, 2014

Saline real estate market report for April 2014

Saline real estate market report

Here’s the latest Saline real estate market report for April 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:

Saline real estate market report for April 2014

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 April 2014 are shown in the table below:

The number of homes actively for sale fell again this month, from 90 in March to 88 now – another seasonally-expected result, but still a decline – and most of it likely due to the weather, which still impacted us in the middle of March.  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 nicely this month, from 48 last month to 61 now.  This is an expected result, with the warmer weather finally making it nice to go out to see homes! 

The months of supply (an indication of how quickly homes are selling) is now at 4.6 months, which is right about in the middle of our “normal” market range of 3-6 months.

The overall market for Saline real estate     

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 year, as we hit the highest percent pending that we’ve ever hit since I’ve been recording data since 1996!  What’s particularly nice to see is the overall strength of our market even now, at 41% pending.  With continued warm weather, and lots of buying activity, we may yet eclipse the high mark of last year! 

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.

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”.
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See you next time!