The Housing Hunger Games - Davison Market Report August 2023
Let the Housing Hunger Games begin! Buyers and sellers, get ready to compete in Davison's intense real estate arena.
Only the strongest will survive this battle royale of soaring home prices and limited inventory. With months supply of inventory down 45% and homes flying off the market in just 5 days, the odds are never in your favor.
Will inflated list prices exceeding over 100% of asking crush your dreams of homeownership? Or will you defy the odds and emerge victorious in this cutthroat market?
Join RE/MAX Edge’s very own Flip Flop Agent Johnny B. Good in the Davison real estate arena and find out who will be the sole survivor in this fight to the finish!
Watch on to get the insider info and prep your strategy to come out on top in this rapid-fire, high-stakes housing market. The stakes have never been higher, it's time to go for blood!
How good of a seller's market is it? Can it be for real?
Good morning! It is a beautiful Friday morning and I am trying to get this written before my munchkins wake up, so let’s get right to it!
A great many of my peers in real estate have been beating the drum of low inventory and it’s a seller’s market. I’m fairly analytical, so I want to dive into the numbers and see if they were on point or if they were just using “sales tactics” to work their sphere.
To calculate months of inventory (MOI), I first needed to calculate the burn rate, or homes closed in the past 12 months and then average that out. Once the closed rate is calculated, I would take the current number of homes active and for sale and divide by the closed rate to get the MOI.
There has been discussion on what a balanced market looks like, but experts have agreed that roughly 5 to 6 months of inventory is fairly balanced and does not favor either the buyer or seller directly.
Let’s jump in to the numbers and see what my local market is doing.
Lapeer
Average Closed Home Sales per month - 40
Current Inventory - 102
MOI is 2.5 months
Davison
Average Closed Home Sales per month - 35
Current Inventory - 55
MOI is 1.5 months
Woah!! You have heard agents and housing experts saying that it is a seller’s market and I just proved it by the numbers. I cannot tell the future, but I don’t foresee this changing any time soon in my local market.
Food for thought if you had been contemplating selling your home. My weekly market update goes out today at 11:30 with tons of useful information and I even worked in a Lil’ Jon reference as well. Don’t miss it, make sure to subscribe by clicking the My Newsletter tab.
Cheers to the Weekend!
Mother Nature's Mood Swings & The Seller's Market
Tuesday was 90+ degrees and we had a pool party at a friends house…
Wednesday was 90% humidity and crazy storms…
Thursday, I’m sitting in my office in a hoodie because it’s still a bit chilly…
Much like the weather, the real estate market can shift, but not nearly as dramatically as our lovely Michigan weather. In spite of the economic impact of Covid-19 the real estate market here in Mid-Michigan is still largely in favor of seller’s. I have had 3 clients in multi-offer situations within the last week and that is not an uncommon story if you speak with any active real estate agents out there hustling today.
I’m pulling the numbers together for my weekly market report and thankfully we’re starting to see an uptick in homes being added to the MLS. Time will tell how the summer market will end up playing out, but I can tell you this much, if you’re thinking about selling, there is literally no time like the present!
See you tomorrow for my weekly market update!