Saginaw Home Sales Update August 2019
At first glance sales appeared to be unchanged from the most recent previous months, but a closer analysis shows a slower, more balanced sales market than earlier in the year. Twenty-nine preowned homes were sold through the multiple listening service in Saginaw in August of 2019. The least expensive home was $145,000 and the most expensive was $353,900. The average sold price for a home was $220,328.
The average time on the market in August was 32 days, but ten homes sold in less than two weeks. The four homes listed for $180,000 or less sold in less than two weeks. These were built in the 1970’s and 1980’s. Only one home that was listed for more than $220,000 sold in less than two weeks. This special property was on a cul-de-sac and offered an inground swimming pool.
The average seller’s sold price was 99.43% percentage of the list price. The lowest percentage of the list price accepted by a seller was 95.56%. These numbers reflect two realities, a healthy market where sellers are still receiving good prices for homes and a trend toward a more balanced market. A careful analysis of the multiple listing records revealed that ten homes had price reductions before the final list price. Homes sold for more than $230,000 particularly required price reductions before they sold. The ten houses that originally were listed too high to sell required an average of 72 days on the market. The second new reality is sellers paying buyers’ closing costs. Eleven sellers paid closing costs ranging from $600 to $10,000 for buyers. When sellers agree to pay the buyer’s closing costs, qualified buyers with less cash can buy homes, allowing new buyer opportunities not available in the hot sellers’ market in the recent past.
If you would like more information about the value of your home, the home buying and selling process, the real estate market in our area or neighboring communities, or my services, please contact me by text, e-mail or phone. I look forward to serving you!
– Kathleen Wheeler –