Local Realtors See Increase in Home Sale Prices in 2013

By: Anthony Sabella Email
By: Anthony Sabella Email

When Paul Murphy made the decision to put his Delhi Township home up for sale, three months ago, timing was everything.

"We've been wanting to sell it for a year, but we waited for the market to rebound a little bit," he said.

As it turns out, Murphy's timing was perfect.

"We've experienced some great growth in the market here, both in Ingham and Eaton County," said Robert Dowding, a Realtor for Keller Williams.

According to a report by Dowding that compares average home sales prices from June of this year to last June, Ingham County saw an increase of six percent. Eaton County prices went up 5.8 percent, while Clinton County numbers stayed roughly the same.

Dowding says the increases have everything to do with supply and demand.

"The inventory is low, so most of those markets, pretty much every price range right now, we're seeing six months or less of inventory," he said.

Dowding isn't the only real estate agent seeing an increase.

Bill MacLeod, President of Coldwell Banker Hubbell Briarwood, says sales prices are up ten percent for all of 2013.

"We are seeing sometimes two or three offers on the same property and that's an amazing thing that we haven't seen in the last six years," said MacLeod.

But with national interest rates starting to inch back up,, could it derail the progress? Michigan State Economics Professor Charles Ballard doesn't think so.

"The interest rates are still at very low levels," said Ballard. "It would take a much bigger spike in interest rates before I think we see a whole lot of damage to this recovery."

With interest rates staying relatively low, experts say it's not just a great time to sell, but a perfect time to buy.

"Prices are still relatively low and we're beginning to see some wage increases," said Ballard. "That's the kind of thing that's making a big difference."

That difference has seen firm Coldwell Banker Hubbell Briarwood hire 17 more agents since the beginning of the year.

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