By Guest Author: Brian Frey
To get an idea where the real estate market in St. Clair County might be headed, we need to take a quick journey throughout the last decade.
We have had a very interesting ten years and some drastic price swings. During the three years prior to 2007, the median sales price of a house in St. Clair County sat just above $140,000 (Marketstats by ShowingTime). A winter slowdown is common occurrence. The year 2007 started out with just that, a 10K price reduction in January. When we look back at this today, we realize it was the beginning of the financial collapse.
As spring of 2008 approached, the market started sliding out of control and it didn’t stop for the next two straight years. St. Clair County hit rock bottom in January of 2009; the average home sold for just $43,250. From that moment on, we have had steady gains. From 2009-2012 the average home sold for $70,000. December of 2013 brought a true Christmas miracle for home owners looking to sell- median prices reached $118,000. In 2014, we saw the highest median price in October which rang in at $128,000. Last year, our highest month reached all the way up to $155,000!
Fast Forward to this year:
We are now finally seeing prices higher than we were before the crash. Our highest month – May. It reached $150,000. Our inventory is at the lowest that it’s been all decade. In June, it took the average home just 20 days to sell. Homes are again being sold above asking price, with multiple offers. The housing market can be hard to predict. Where do you think our housing market is headed?
If you are looking to buy, sell or invest in real estate, contact Brian Frey at Keller Williams Port Huron Business Center or That1House.com. If you are interested in finding out what your home may be worth, Brian can offer a free Competitive Market Analysis.
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