Real Estate Update | April 2020
Though spring real estate markets across the country are not acting in a typical manor, our real estate professionals at CBWM Family of Companies have been safely doing their part to keep the industry going. Home prices in our area are not expected to drop because of the on-going housing shortage as well as to homes being withdrawn from the market during these times. That said, listings held back from the market today will be pushed into the summer months, resulting in more competition as pent-up demand gradually increases. Locally, we're still seeing strong market fundamentals coupled with low interest rates and low inventory. Once the social-distancing guidelines are relaxed, we should see this temporary pause in our spring real estate market evaporate as potential buyers return with the same enthusiasm.
We will begin April's Real Estate Update by looking at Lansing’s tri-county region, which is composed of Clinton, Eaton, Ingham. Year-to-date pending sales across the board have all increased, with Eaton County seeing the largest uptick of 12.5%, from 273 to 307. On the other hand, year-to-date new listings have all experienced declines, with Clinton County having the largest decline of just under 12%, from 260 to 229. This could be attributed to the pandemic that's been shaking up the local housing market. A positive trend we are seeing in Lansing's tri-county region is that year-to-date median sales prices have all increased, with Clinton seeing a 2.5% increase, Ingham with a 7.4% increase, and Eaton with the largest uptick of 10.5%, from $152,900 to $169,000.