We are speeding toward the end of 2016 and it’s time again for a quick Midland Michigan Real Estate Market recap. Sales remained steady in November with 88 homes closing in Midland County. An additional 61 Midland homes received accepted offers in November, which should set us up for stellar January 2017!
Average sales price slipped 5.7% to $165K, but was well above the average from last November which was just $126K. Average sales price for November 2016 also outpaced our annual average by over 4%. Market uncertainty throughout 2016 had many people believing the housing market in Midland was doomed and, good news for buyers and sellers, that just hasn’t turned out to be true.
The average discount on November sales was 4%. This means a house listed for $150,000 may likely sell in the $144,000 range. The average discount in Midland is typically between 3% and 5%. A thorough understanding of the average discount can be invaluable to buyers and sellers alike when it comes to negotiating.
Average days on the market for homes sold in November was 70 days, down over 14% from last month. The annual average for 2016 is just 85 days. A quick analysis of the last five years shows average days on the market has been on the decline. The average in 2011 was 103 days or about 3 and half months. From 2012 to 2015 the average has been 110 days, 99 days, 98 days, and just 93 days last year. These changes underscore the importance for buyers to start working with their lender early in the process. Having your financing setup can help ensure you don’t miss out on the home of your dreams.
For more information on the Midland Michigan Real Estate market, call Park Place Homes at 989-698-1100. Let our team of expert agents guide you through your home buying or selling journey!