More Inventory in April for Dexter
Both the amount of listings entered and sales in April increased this year in Dexter compared to last, and prices saw a minimal decline of less than 0.5%. The number of listings that were entered in April increased a solid 15%, from 34 to 39; and the average listing price was $432,954. With a boost in available inventory, the average days on the market were prolonged to 51 days; in the year prior the average DOM was 31% less at 39 days. Last month, sales also saw a considerable increase from 25 sold homes the year prior to 32 sold homes, which means a 28% increase. The amount of new listing entered year-to-date decreased 7%, 115 versus 107. However, listing prices have rose from $412,317 to $433,210 this year. There was a significant increase of 30% for the number of properties sold thus far compared to April 2017, 79 sold homes versus 61 sold homes. Although only a slight increase, the average selling price for homes sold year-to-date rose as well, from $372,861 to $379,587 which is an increase of 2%. Overall, it is a seller’s market for Dexter, particularity below the 500k price range. Homes that are above 500k are classified as a buyer’s market, especially for higher end homes that are priced and sold above 800k.
In comparison to the last quarterly report for Dexter, the current month supply is gradually declining, which could mean that there will continue to be a seller’s market. Whether you are looking to buy or sell your home, contact the real estate specialists with The Bouma Group at (734)761-3060 or email info@bouma.com. Check back here to stay updated on the Dexter market!