Home sales are up in 3Q.
Pending homes sales rose 10.4%, the largest gain on record since 2001, according to the National Association of Realtors. The sales gain has been credited to housing affordability conditions. At the same time, the percentage of foreclosure sales has decreased to 25% of home sales. Last year around this time, foreclosures made up 31% of the sales.
Homes sales are up locally, too (N. Michigan)
In October sales rose 13.5% from October 2009. Inventory was also down by 6%. This is good news, but keep in mind there are many factors that influence the market. Supply and demand are just one set of factors. Consumer confidence, new lending rules, the robo-signing foreclosure stall, and of course local conditions all enter into the scenario.
If you're looking to buy, sell, or rent your property talk to a local Realtor first. If nothing else, you may gain some new insight or a different perspective of the market at the local level.
Happy winter folks-
Jared Hammond, Realtor
Coldwell Banker of Harbor Springs