2021 First Quarter Home Sales in Midland MI
According to the Midland Board of Realtors’ multiple listing service, 223 Homes sold in Midland County in the first quarter of 2021. Homes averaged 33 days on the market and had an average sales price of $192,970.
Unit sales were down almost 10% as compared to the first quarter of 2020. There is evidence to support this decrease was caused by low home inventory as opposed to lack of demand.
Decreasing Days on Market
Homes sold 54% faster in the first quarter of 2021 than they did during the same period last year. On average homes that closed in the first quarter of 2020 spent 73 days on the market, as compared to just 33 days on the market this year. Of the 90 homes that closed in March in Midland County, 50% of them were on the market for 7 days or less. At Park Place Homes, 55% of the listings we currently have under contract were on the market for 3 days or less.
Increasing Average Sales Price
The average selling price for a home closed in the first quarter of 2020 was $180,718. That number has increased nearly 7% in the first quarter of 2021 to $192,970. Of the 90 homes that closed in Midland County in March of 2021, 53% sold at or above listing price.
Increased Multiple Offer Situations
Having multiple offers on homes is also becoming the new normal. Of the listings that Park Place Homes currently has under contract, nearly 70% received multiple offers. Our buyers are experiencing the same situation. It is not uncommon for buyers to be in stiff competition for new listings.
Although fewer homes sold in Midland County in the first quarter of 2021 than in 2020; prices are up, and homes are selling quickly, often with multiple offers.
If you or someone you know has considered selling, now is a great time! For more information on the Real Estate Market or to find out what your home may be worth, click HERE or call 989-698-1100.