Just when we thought the market was going to take a pause, it picked up at an even faster pace. August brought us the highest median and average prices in the past four years, past two years for NW Michigan, as well as the lowest For Sale home inventories and the highest number of sales — all indicators of strengthening buyer demand.
So, is this sustainable or just a temporary release of pent up demand? The answer is both; demand is growing both short and long term. Just because values declined since peak 2005 and Sellers were not able to sell, does not mean the reasons that people need to sell stop (births, deaths, divorce, retirement, etc.). The result is a short term build up of demand from six years of sellers holding back as well as a long term buildup as Gen X and Y move into their prime home buying years.
So it looks good for us on all fronts, adjusting for the short term economic hiccups we might see (none like what we have gone through in the past six years). To read the full report click here- Sept mkt report