Let’s talk about the Real Estate market in Saint Clair Shores, MI. The median list price last week in St. Clair Shores was $119,000. There were 286 listed properties available, with average days on market coming at around 69. Home sales are continuing to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a seller’s market, so watch for upward pricing pressure in the near future if the trend continues.
For those who may be unfamiliar with the Market Action Index, let me elaborate for a moment. The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller’s advantage. Below 30, conditions give the advantage to the buyers. Last week we came in at a Market Action Index of 40.1 in St. Clair Shores. This indicates that demand is strong and the available supply of homes are getting snapped up relatively quickly.
While prices have been basically flat, price per square foot has been heading downward. This means that larger homes are coming more available and buyers are tending to get more home for their money. Not surprisingly, all levels of the market are showing high levels of demand. Often, one end will weaken before the rest. You will see this happen more frequently in the high-end market , signaling a slowdown for the whole group.
Keep your eye out and continue reading our blog for the latest information on your local market.