Associate Broker Peter MacIntyre, for ReMax Real Estate Grand River in Lansing, spends his day trying to help people sell their homes.
He tells me in the state of Michigan the average sale price is up 16 percent and the number of homes sold is at 4 percent, resulting in a low number of homes available for sale with a high demand for inventory.
He says the houses that sell the quickest are priced at less than 200,000 dollars.
“We are listing houses and within 24 hours we have offers on them,” MacIntyre said.
But it also helps to illuminate a problem for buyers looking for a home: Homes for sale are in short supply.
Ben Latocki, President of the Jackson MLS and Owner and Broker of Production Reality, says he has been in business for 15 years and has never seen a market like this before.”
Latocki says in Jackson in 2016 the cost of a home was 133 thousand dollars which is a 5.5 percent increase from last year, and this year sales are up 8 percent for Quarter 1 compared to last year.
“We have around 1,000 to maybe 12,000 houses for sale,” Latocki adds. “Today, we are at 589 active homes on the market which is significantly lower than normal.”
