Courtesy of the Thompson-Homer Team and Jaqua Realtors here is the Market Update for the Summer of 2018.
The market is shifting rapidly. It is not as good as last year but still the second best market we have ever had. The demand is high but not as strong as 2017. Supply is even worse or lower than last year. Because lack of supply is so low it is causing buyers to drop out of the market. Buyers are frustrated because of the bidding wars, which then sometimes create over market pricing and appraisal issues. Our average days on the market is 51, about the same as last year.
Our average sales price is now $123,662 in Battle Creek which is up 4.5 percent. The most homes sold in Battle Creek by far is in the price range of $100,000 to $200,000. The over $400,000 market is up by one house from last year, selling ten this year and nine same time last year.
More homes are sold in the Lakeview schools than any other school district. The Battle Creek schools are coming back strong in price and number.
The government has removed the handcuffs from the financial institutions. The interest rates have risen a little more than a percentage point which takes out some buying power. Your credit score can now be a little lower to qualify and if needed you can again buy without any money down. Hopefully we are not going into a bubble. Battle Creek is adding jobs to the market so it still remains strong.