The amount of Canton Michigan Homes for sale on the market continues to be low. The most common conversation and questions that I am having with my Buyers is, "Aren't there any more houses to look at?" We find ourselves in an overbalanced market with more Buyers than Sellers. Just as strange as the weather we have had recently, is this strange real estate market that is unbalanced yet not a sellers market. Home values and sales are continuing to rise slightly in the Canton & Plymouth area, which Realcomp MLS accounted for in the data they released a couple of weeks ago stating: "All sales were up 5.9% and median sale price for Metro Detroit rose by 18.7% as compared to last year". This modest increase in sales and values is positive, but it also points to the fact that Buyers are cautiously coming back to the market.
Why the lack of inventory? The best explanation that I am hearing is that this market is still foreclosure dominated. The banks are at a lull at the moment bringing their homes to market, which is causing a low home sale inventory situation. Many other homeowners are "upside down" on their equity and are locked into their homes, not wanting to short sale them or walk away from their note.
So, this real estate market is going to take patience. We have a saying in Michigan, "if you don't like the weather just wait a day". This is good advice with this real estate market also, it is changing weekly. Wait a day, and the winds may change in your direction.