July ’20 Market Report

As we continue to work our way through the Pandemic, our Market Research Department monitors daily activity looking for market shifts that affect our clients. Despite recent news of increasing cases of Covid throughout southern states, buyer demand in Michigan remains strong. New sales are outpacing new listings in all price ranges and prices continue to rise, especially in the under-$500k markets. Although they often face fierce competition, buyers continue to enjoy historically low interest rates that more than offset growing prices and make it worthwhile to shop now—even if they have to bid a little higher. Upper-end buyers get a bonus in that those inventories aren’t quite as tight and prices are relatively flat. Change creates opportunity for those first to recognize it. The goal of this update is to ensure our clients and agents see it first.