Lesson from the August 2016 Midland Real Estate Market: If you see a home you like, don’t wait to request a showing or make an offer! The average days on market is getting lower, as homes are selling quickly. In fact, average days on the market is down 34% from last month to just 58 days.
There are traditionally fewer home sales in Midland in August, and August 2016 was no exception. The number of homes sold was down 17.1% from July. However, this August and August 2015 had nearly an identical number of sales. We are happy to report this consistency in Midland home sales even with recent changes at major area employers.
Good news for sellers, the average home sales price is on the rise, up nearly 13% from last month. A similar spike happened in June of this year and it turned out not to be a lasting trend, but merely caused by some specific higher priced homes closing. It will be interesting to see if this is, in fact, an upward trend, or just a one time spike in average sales price. We will continue to monitor these numbers closely.
Discounts continue to remain steady in the 4% range. Knowing the average discount and discount trend can be a great tool for buyers as they determine their negotiating strategy.
The agents at Park Place Homes closely monitor trends in the Midland Area Real Estate Market in order to offer their clients the very best advice. If you are looking for expert help in Real Estate, call Park Place Homes. 989-698-1100