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February Update for SE Michigan from Real Estate One
The biggest influence on real estate so far this year has been the weather, not the economy (which has fortunately remained stable). The snow and cold have put a significant damper on customer and showing appointments. The good news is that values continued to rise, in many cases over 10%, and the number of homes under contract remained very close to January of last year. The most positive indicator is the number of visitors and information requests to our website, which remains at 2013 levels, even though showing appointments have been off 35% compared to January/February 2013. Buyer interest remains strong, but they simply cannot get to the properties to make an offer. There is about a 30-day lag before showing appointments turn into contracts written, so we expect February sales to be slow compared to last year. Weather related slowdowns rarely cause a permanent reduction in business, it simply pushes sales forward towards the better weather months.

For Sale inventories continued their downward trend, as did the Months Supply of Inventory (MSI), falling to its lowest point (three months) in Southeast Michigan. With 75% of all buyers chasing the newest listings on the market, the MSI for most buyers ... more

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