Market update Monday: 3/20/2017
Rochester Real Estate Area Resource with a market update Monday.
Rochester, Michigan’s real estate market had five new listing last week with two existing listing reducing there price.There were also three listing that went pending, and four listings that sold/ closed during the week.
That leaves 34 active listings in Rochester that still equates to about three months of inventory currently on the market. Of the active listing 26 of the 34 are priced over $400K and ten of those are over $600K. It is getting very expensive to live in Rochester.
Rochester Hills, Michigan was a bit more active with 31 new listings, twelve price decreases, 39 listings went pending, and 19 listings were sold/ closed during the week.
This puts the number of active listings in the area at 152 which represents only about 2 months of inventory.
Interesting note that of the 39 listings that went pending last week in Rochester Hills four of them were new construction. All of the houses were in one of the newer subdivision Vistas of Rochester Hills off of Avon Rd. That’s 10% of the activity for the week. Builders have definitely been very active recently. If they can continue to offset demand with new construction it will hopefully allow some of the existing home owners who wish to sell an opportunity that has been lacking. The challenge we have been seeing is sellers would sell if they had choices to buy but in light of limited inventory I believe sellers are hesitant to make the move.
Good news, activity is definitely picking up as expected. Typically we will see the spring market start around the Easter Holiday which is the 16th of April this year. Although with our mild winter weather we should continue to see a steadily increasing number of sellers entering the market.