Real Estate Market Update for Plymouth, Canton, Northville, and Novi

| BAKE REAL ESTATE

Here are 3 charts to help illustrate what we are seeing in the market this Spring relative to the last 10 years.

The number of new listings is lower but not significantly. Each week, there are new listings throughout our region and there are more coming. The ‘sellers market’ may be tempting more people to list. But we typically see selling activity increase in the Spring and into the Summer each year.

But the main issue has been the number of buyers for each of these new listings. When you look at the number of showings per listing below, these figures are up dramatically. For each new listing, there are many more showings than we have seen since the recession. The number of showings per listing was actually declining for the last few years but started to drastically change last summer resulting in the chart below:

With such an increase in showing and buying activity with essentially the same or fewer new listings available, the inventory of homes for sale is at a 10 year low currently. We do expect more new listings to keep coming up as the weather improves and the school year ends. But the market will take some time to absorb all the buyers that are currently looking.