HUDSONVILLE, Mich. — We have heard a lot about west Michigan’s booming real estate market over the past few years, but what it saw in the second half of 2020, according to one local broker, was a first.
FOX 17 spoke with Steve Frody, broker owner of City2Shore Real Estate, who explained that data shows more homes were sold than were listed for sale in four of the last six months of 2020.
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“This is the first time ever in July there were more homes sold in the month than there were for sale,” Frody explained, adding how we saw similar staggering numbers also in August, November and December, while September and October narrowly had more listings than home sales.
Frody explained that a 4-6 month supply of available homes on the market is considered “even” for both a “seller’s market” and “buyer’s market,” but he says the number of available homes is so low right now, it could double and it’d still be considered a “seller’s market.”
None of the final six months of 2020 saw more than a one-month supply of homes available, explained Frody. “Really, if no more came on in the next month, were out in a month, there’s nothing for sale.”
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Frody said one reason the market is staying so short on inventory is because people are afraid to put their house for sale until they find and land a new one, out of fear they may not have any place to live. While it may take a little longer to land the right home in such a competitive market, Frody advises shoppers be patient and do their homework ahead and get fully approved for a loan in advance so they can act quickly if the right house becomes available.
“It’s great for sellers, and it’s great for buyers; even though they might pay more, they’re saving so much money on interest. It’s a win-win.”
Steve Frody can be reached at City2Shore.