Frigid temperatures in December and January appear to have slowed buyer demand during those months, but the warm-up in February is getting real estate activity primed for a strong spring market.
For January 2018, closed sales for residential, multi-family and vacant land were down -11.5% compared to January 2017. Pending sales also were down by -6.5% vs. the previous year. Attribute that to the heavy snow and freezing temps we had during that period which made looking for homes a real chore. It appears only the most motivated and heartiest of buyers were willing to tackle the tundra.
Activity in February -- especially the last two weeks -- already is vastly different. More properties are being listed every day. Multiple offers are again common on homes and condos under $200,000. With more sunshine in the near-term forecast, the spring market is right around the corner. April-May-June always are peak contract writing months here in West MI.
Give us a call to learn what your home is worth and how best to get it ready even for picky buyers. Seller's markets don't last forever so take advantage of the one we're now in.