As you’re researching the area, exploring Canton’s best neighborhoods, and adding features to your wish list, investigating the current real estate market conditions is another crucial step to finding the best home in the best community.
In our previous Canton real estate update, we saw that it was a buyer’s market. Has anything changed in April 2016? Let’s take a look at the current real estate data.
Months of Supply in Canton
Looking at available and sold homes can tell us whether the housing market favors buyers or sellers. Months of supply indicates at what rate available homes would sell based on how quickly homes have sold in the past. For instance, if there are 100 homes for sale and 25 were sold in the past month, that means it would take about 4 months for all of the homes on the market now to be sold.
Here is a graph of current data for all real estate options in Canton, Michigan. (This includes homes with special features, which we will discuss in a moment.)
With 210 homes for sale in Canton and 80 homes sold in the past 30 days, that means there are just over 2.5 months of supply. This is what’s known as a sellers market, as there is high demand but low supply for homes in Canton. Let’s take a closer look at popular home searches.
Trends Among Popular Home Searches
Many Canton home buyers also search for properties with special features, such as new construction homes and homes in golf course communities, and it’s helpful to look at the market for these particular homes, as well.
Two of these popular home searches are in a sellers market: homes with a pool (1.5 months of supply) and homes with walkout basements (4 months of supply). Many home buyers are searching for these properties but there are not many available on the market currently. It can be harder to negotiate a price, and you may be competing with other buyers for homes with these features.
However, new construction homes are in a buyers market. With 68 homes available for sale and just 3 sold in the past month, there are over 22 months of supply. This means that if you’re searching for a new construction home for sale, you may be able to negotiate a lower price.
How to Easily Find Your New Home in Canton
No matter what features are on your must-have list, we will help you find your new home in Canton easily.
Just use our easy Canton home search tool or view the available properties with special features — including homes with pools, walkout basements, or large yards. Take advantage of our free guide to preparing your home for sale.
Spring is a Great Time to Sell
Whether you are buying or selling a home, turn to your most trusted, most experienced real estate team: Bittinger Team, Realtors®. We cater to clients individually to make every real estate experience an extraordinary one. Please contact us anytime at 734.459.2600 or team@Bittinger.com.
Until next time,
Noel
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