Check out the Jackson County, Michigan real estate market forecast brought to you by Ben Kono, Lead Realtor, and Jake Sinkovitz, Buyer's Agent. Whether you're buying, selling, or staying put, we want you to make SMART decisions.
We're comparing July sales back to 2019 (before the you-know-what), and shows to pending, an important factor in how quickly homes sell once they're listed.
The Sales Story
In 2019, single family home sales in Jackson County totaled a normal 199. The following spring, realtors just couldn't go into homes due to the pandemic. In July of 2020, after home owners had put their plans on hold, listings soared, with sales topping out at 227. Last month, 206 homes sold in Jackson, returning to a healthy, if still somewhat imbalanced market.
What are Shows to Pending?
You've probably guessed that one way to think about market trends is the number of times a house shows before an offer is accepted. Looking back 3 months:
In May, the average shows to pending were a whopping 13.6, and this number of showings occurred during a very short time; 2-3 or 4 days. The average house came on the market, saw almost 14 showings, and was under contract in less than 4 days! If you were house hunting in May, you know how competitive it was. The average home received 10-12 offers.
In June, shows to pending dropped to 4.8 on average. Almost every showing resulted in an offer being written, so most June listings had 4-5 offers from which to choose. Remember when we said June was a good time to list?
Last month, shows to pending rose slightly to 6.1, but not all those showings were following by offers.
What This Means for Buyers
Jake's current snapshot: Buyers are touring fewer homes, and they're writing between 1 and 3 offers before winning a home. Ben adds from the listing perspective that offers are not as aggressively above asking price now. Interestingly, more offers are coming from FHA borrowers, and fewer from conventional. The reason is that many more qualified buyers who were shopping earlier this summer already won the homes they wanted, leaving those who didn't win to continue looking. Now more than ever, the relationship your buyer's agent has with the listing agent matters. That's why My SMART Team is a wise choice. We know the local market, we know the local agents, and we'll negotiate for you.
Sales should continue to rise through the end of August, with more homes under contract. Early September will see a dip in listings as families transition into the school year.
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Jackson Area Association of Realtors. Info Sparks Market Stats 2010-2021. jacksonmls.stats.showingtime.com/stats/market. Accessed 13th Aug, 2021.