Days on Market are Down, Prices are Rising

    It’s all about the boat life! The market near Lake St. Clair has been heating up this summer, but just how much? Let’s look at the numbers and interpret what they mean.
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    Median Price

    Harrison Township had a high point last year in October, then prices started to fall during the winter months. This year, prices in Harrison Township are mostly trending higher and hopefully will continue to rise throughout summer months.

    New Baltimore had a similar pattern with house prices throughout winter months, but prices are starting to drop now that summer is in full swing. This could be an indication that the market in Chesterfield is slowing down.

    Interestingly enough, Saint Clair Shores did not experience too much of a dip in house prices over winter months, and prices are continuing to climb. A good indication that the market in St. Clair Shores is not only stable, but getting increasingly stronger.

     

    Days on Market

    Days on market is another good data point to look at when interpreting how the market is shifting. Lower days on market indicate a higher demand and a tighter inventory, while longer days on market indicate that the inventory is building up, with a slowed demand for the homes.

    Harrison Township had the fewest days on market during October when prices were the highest point. This makes sense because high demand means lower days on market, and ultimately a higher price because buyers are competing for homes, rather than beating up the seller on price.

    Interestingly enough, Chesterfield Township saw fewest days on market when their prices were at their low point during winter months. Once March ended, days on market has remained relatively stable.

    In Saint Clair Shores, days on market trended higher during winter, and have started dropping now that the weather is warming up, The steep decline in days on market in Saint Clair Shores is another great indication the market is heating up.

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    If you or anyone you know is interested in knowing what their home is worth, call the Tom Lipinski Team today at (586) 685-1323 or visit us online at www.BuyEastsideHomes.com

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