If you live in Shelby Township or are considering moving into the area, it is important to know what is happening in the real estate market so that you can make the most informed decision possible. Let’s take a look at the most recent statistics and review what they are telling us about the market.
The Shelby Township real estate market is in full swing this summer with prices rising since January 2016. Looking at the median price for homes in Shelby Township, we can see that this month the median price is $383,000. Last January, median home prices dipped down to $326,000, a $57,000 difference. This is most likely due to lower inventory and a higher demand. With summer nearing an end and school starting back up in about a month, buyers with families likely to want to move as soon as possible before the new school year begins.
The total inventory of available homes in Shelby Township has started to increase slightly since last month. Currently, there are 235 available homes in Shelby Township, compared to just last month when there were only 220. This is not a significant change. Last November, 2015, there were 347 available homes in Shelby Township. With less people wanting to move during the cold and busy holiday season, inventory started piling up due to low demand. Once the frost started melting, homes started to absorb at a much faster rate.
% Price Reductions
Looking at the number of price reductions that were made, we can see that last month just 30% of listed homes needed to take a price reduction. In November/December, that number rose to almost 50%. When the inventory is low and the market it hot, buyers will be more willing to pay closer to asking price than during the times of year when the market has shifted into buyer’s favor. More price reductions are happening now that the summer is winding down, and is a great indication that now would be a great time to sell if you are considering selling your Shelby Township home this year.
If you would like to know what your home is worth in today’s market, give us a call today. The Tom Lipinski Team would be happy to give you a no-obligation, maximum price analysis on your home. (586) 685-1323, or fill out the form here.