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Western Michigan Is A Seller’s Market for Homes
/1 Comment/in Western Michigan /by Dave NykanenIn the past four months of 2020, the number of homes sold exceeded the number of homes listed, demonstrating the continuing residential real estate boom, and showing that the residential market continues to be very seller-friendly.
Manhattan Residential Leasing Is Booming, But Is It Enough?
/in National /by Tracy WillisWith the presidential election behind us and the COVID-19 vaccine on the horizon, renters feel a bit more certain about the market. But is this boom point to a recovering leasing market? Leasing trends were already on a downturn when the pandemic hit in March. Manhattanites were leaving for suburban living. Rental rates spiraled downward to 17.3% lower than those of the previous year. The upward trend is encouraging, but there’s still a lot of inventory and record concessions and vacancies. Whether the lease boom is a mirage remains to be seen.
Downtown Detroit Has Glut of Condos – One Year Supply On Market
/in Detroit /by Dave NykanenBased on an analysis by a Detroit residential broker, there is a one-year supply of condos for sale in the Downtown Detroit market. According to the broker, 4-6 months is considered a “balanced” market, so the existing one-year supply is a clear buyer’s market. It appears the rush to develop new condos in Detroit to meet rising demand happened too quickly, with a glut now on the market. There are successes, to be sure, but the pricing of some condos appears to be aggressive for the market.