The days are starting to get cooler, but the “hot” real estate market in Canton Michigan isn’t cooling down. Homes have sold quickly in the past month; however, market activity varies for Canton’s smaller markets, including individual neighborhoods and popular home searches. Let’s take a look at the current real estate market conditions in our area.
Why “Months of Supply” Matters
In many of our previous real estate market updates, we have discussed months of supply. This is a prediction of how quickly every available home could sell based on the rate that homes sold in the past. Months of supply is used to determine whether it’s a buyers’ market or a sellers’ market. For instance, there are currently 10 homes with walkout basements for sale in Canton, and five homes with walkout basements sold within the past month. That means the homes available now could be expected to sell in two months. Since these homes are selling quickly, it’s a sellers’ market for homes with walkout basements.
It’s a Sellers’ Market for These Property Types
Typically, a market that has less than 6 months of supply is better for sellers. It is a sellers’ market for Canton residential real estate as a whole; homes have sold quickly over the past month. But it is a sellers’ market for the smaller markets of popular home features: homes with in-ground pools, homes with walkout basements, and homes in golf course communities.
It’s a Buyers’ Market for These Popular Homes
Typically, a market with more months of supply is better for buyers. In Canton, it’s a buyers’ market for new construction homes (only 9 have sold in the past month, compared with 80 on the market) and for homes with large yards.
We’ll Help You Sell Your Home in Any Market
Your home is an investment, and we want to help you make the most of it. If you’ve been thinking about selling your home in Canton, we can help you sell quickly and for the most money. Let us use our in-depth knowledge and over 30 years of real estate expertise to your advantage. We’ll tell you like it is! Contact us at (734) 459-2600 or team@bittinger.com.
Until next time,
Noel
EXPLORE our website: www.Bittinger.com
LIKE us on Facebook at Living In Plymouth/Canton/Northville Michigan to stay abreast of the local real estate market and to celebrate these communities with us!
LIKE us on Facebook at Michigan Homes Coming Soon to learn about the hottest new listings … sometimes before they are even on the market!