Blog > Housing Report > Northwest Michigan > TAAR 5-County Housing Rebound

TAAR 5-County Housing Rebound

Subscribe

Get the latest reports delivered straight to your inbox!

Select report(s) to receive:

Topics

Summary

We have received many questions on how the real estate market is faring as a result of the Pandemic. The good news is the market is strong and following the line we had anticipated at the onset of COVID. For Sale inventories are tight, employment for the home buying market is stabilizing and interest rates are historically low. The low rates are causing an additional jump in demand. For Sellers, this is one of the best times in recent history to put your home on the market. For Buyers, be patient, have your mortgage ready to go and don’t be afraid to be aggressive with your offers. Some are projecting interest rates to fall further. That will drive up an equal increase in prices, so waiting for further rate reductions will not likely benefit buyers.

 Available Inventory

  • Entering 2020 inventory levels were down 13% compared to last year. By March, just prior to Covid, they were down 16%.
  • With a slowdown in the arrival of new listings during the shutdown, June 1st inventory was down 24% compared to the same time last year. 

Showing Activity

  • The only time 2020 showing activity was down compared to last year was during the lock-down from March 22nd to May 7th.
  • Since the May 7th real estate reopening, despite significantly lower inventory levels, showing activity has been significantly higher than last year—46% higher. 
  • Between May 7th and June 15th, showings of upper-end properties priced over $600k were up significantly—539 compared to 168 during that same period last year. 

Get the reports right in your inbox

Which report(s) would you like to receive?

Featured Stories

View all →

Home Prices Projected to Appreciate

< 1 minute The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited [...]

Read More

Buyers Want Move-in-Ready Homes

2 minutes

Buyers’ interests and expectations aren’t the same as they were when many of today’s sellers bought. Years of watching made-up “shows” on HGTV, passing through a major recession, and all […]

Read More

No Bursting Bubbles

2 minutes

The 2008 recession took everyone by surprise when it took a 40% bite out of local real estate equity before bottoming out in 2011. The market has been on a […]

Read More

View all featured stories →