By: Shelley Schoenherr, Director for the Greater Metropolitan Michigan Association of Realtors
As the last leaves fall from the trees and the snow flurries begin to blow, many of us wonder if Macomb County is the place to be for the upcoming winter months. Macomb County is one of the finest examples of Michigan’s water, winter wonderland and an excellent place to own a home. With miles of lake and canal frontage to explore, great restaurants and entertainment venues, Macomb County offers something for everyone. I-94, I-696 and M-59 make access to all of southeastern Michigan convenient for Macomb County residents. So, yes I say, Macomb County is a great place to live and work all year long!
So let’s see what the housing market is like in Macomb County this November 2013. The average sales price in Macomb County for a single family house currently, is $118,662; a bargain over the 2005 price of $190,241 (37% less). From October of 2012 to October of 2013, the average house price has increased 18%, with 14% of that increase coming in 2013. Price increases in March, April and May accounted for the largest portion of that amount. Condos had similar price increases with the average Condo price at $94,074; 42% less than the 2005 average price of $134,089. From October of 2012 to October of 2013 the average Condo price increased 27%. With the sales increasing in the resale market, we are also seeing an uptick in new construction. The lack of inventory in new construction, along with the lack affordable buildable lots has pushed the price of new construction up also. From September 1st to November 1st prices have risen at a slower pace. Looking into my crystal ball, I see a strong real estate market, more inventory in the resale and new home market and price increases moderating over the next year.
Real Estate sales are helping to get the economy back on track. The National Association of Realtors® estimates that one job is generated for every two home sales. That fact is derived from studies that indicate the average home buyer spends twice as much as an existing home owner in the first year after purchasing a home.
Several things make this an excellent time to purchase property in Macomb County. First, home prices are more affordable than in many other areas of the state and country. Second, mortgage rates are still between 4% and 5%, making loans less expensive than for previous generations of home buyers. Thirdly, Macomb County provides excellent services, schools and recreation opportunities. Don’t wait, check out what’s available in Macomb today!
* All data is from MiRealSource MLS for the period ending October 31, 2013.
About the author: Shelley Schoenherr is a licensed real estate Broker specializing in Macomb County properties, as a director for the Greater Metropolitan Michigan Association of Realtors Shelley has been a strong advocate for home ownership in the Macomb county area. Contact Shelley about finding your next home in Macomb at email@example.com.