Housing prices up, available homes down in St. Clair, Sanilac counties
People may be in the market for a house in southeast Michigan, but stocks are low and prices are high.
Emily Leach, an Ira Township-based RE / MAX® agent, said the biggest challenge facing residential real estate right now is the shortage of homes for sale. This, coupled with increased demand, drives costs up and makes it difficult for homebuyers.
“Just the perfect storm of everything that happens,” she said.
This is undoubtedly true of St Clair and Sanilac counties, where house prices have increased and house availability has decreased from March and April last year, according to Realcomp II Ltd. from Farmington Hills, an organization providing real estate agents, data services and more.
In St. Clair County, the median residential sales price increased by over 30% and the number of entries increased by over 50% from April 2020 to April 2021. In Sanilac County, the median home sales price increased over 3% year over year and the number of entries increased nearly 60%.
In March, the company reported an increase in spring sales activity coupled with a relaxation of COVID-19 guidelines, which resulted in a busy property market in March as buyer demand remained largely unabated amid rising property prices and mortgage rates.
“Existing home seller and new construction activity continues to remain below the level needed to rebalance the market, indicating a busy and competitive buyers market for the coming months,” the March report said.
In April there were still many different supply situations on the busy spring market, which drove the selling prices above the asking price.
“While housing affordability continues to be an area where prices can be seen continuing to rise, strong buyer demand and limited housing supply show no signs of easing anytime soon, suggesting this market trend will continue into spring and into indicates the summer, “says the report.
Leach, who works with first-time buyers searching in St. Clair County, said the real estate climate is currently challenging.
There are a few different factors that led to this climate, obviously the pandemic, but the number of newly built homes has not recovered since the 2008 mortgage crisis and now the cost of wood during the pandemic can make it difficult.
The value of the house remains the same, but the construction costs increase. Leach said she knew of a house where the cost of the project had increased by $ 30,000 due to increased wood costs.
“That could be stopping someone right there,” she said.
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Your best advice for homebuyers is to find a knowledgeable broker and don’t give up.
“It’s difficult, but it’s not impossible,” she said.
Individuals can contact Leach with questions at (248) 939-2616 and [email protected].
Contact Bryce Airgood at (810) 989-6202 or [email protected]. Follow her on Twitter @ bairgood123.
St. Clair County
Medium sales prices
- April 2021: $ 205,000
- April 2020: $ 153,400
- Percentage change: + 33.6%
Average market days
- April 2021: 29
- April 2020: 63
- Percentage change: -54%
On market entries
- April 2021: 233
- April 2020: 500
- Percentage change: -53.4%
Sanilac County
Medium sales prices
- April 2021: $ 160,000
- April 2020: $ 154,950
- Percentage change: + 3.3%
Average market days
- April 2021: 63
- April 2020: 86
- Percentage change: -26.7%
On market entries
- April 2021: 61
- April 2020: 150
- Percentage change: -59.3%
Source: Realcomp II Ltd.