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HERE’S THE CURRENT STATE OF THE REAL ESTATE INDUSTRY NOW THAT IT’S BEEN REOPENED IN MICHIGAN

Posted by Mike Jordan on May 18, 2020
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Photo: Jenna Kieser / MLive
A realtor prepares to show a property in Ann Arbor making sure to take extra precautions, encouraging sellers to leave the lights on and the doors open to avoid any direct contact

A lot of real estate agents have been in a slump lately since March this year due to the pandemic and several shutdown orders. In Ann Arbor, sales went down to almost 30% compared to April last year. Michigan in general has shown a 7.6% drop just for the month of April this year.

Since Gov. Gretchen Whitmer’s order to reopen the real estate industry on May 7, agents have been shuffling to catch up on a backlog of work where they could finally meet their clients again. Property showings can now be done by appointment only and are limited to no more than four people at a time on a house showing. This still follows no in-person open houses and no showing of rental properties not unless all tenants have vacated within.

It’s still a main goal among residents and agents alike to prevent a second wave of the pandemic through concerted effort. The Michigan Realtors Association recently released guidelines for agents to follow such as the use of masks and gloves, letting sellers turn all on the lights and leave doors open, and cleaning and disinfecting any fixtures that prospective buyers might touch.

The association’s president, Maureen Francis, stated that a lot of sellers have been holding back on listings for the past few months due to fear of the pandemic which brought the number of buyers down as well. Now that the economy is starting to open up, a lot of new listings have been coming to the market. 

“We’re hoping as more of the economy comes back online, we should come back steadily,” Francis said. When asked whether it’s a buyer’s or a seller’s market, she said that, “We’re probably at a balanced market right now.”

The numbers across the state of Michigan have shown fluctuating rates. Check them out below:

  • Ann Arbor – prices up to 5%, sales up to 6%
  • Battle Creek – prices up to 21%, sales up to 11%
  • Bay County – prices up to 14%, sales up to 2.4%
  • Detroit – prices up to 8%, sales down to 31%
  • Genesee – prices up to 10%, sales down to 8%
  • Kalamazoo – prices up to 5%, sales down to 1%
  • Lansing – prices up to 11%, sales down to 10%
  • Greater Wayne – prices up to 13%, sales down to 18%
  • Grosse Pointe – prices up to 13%, sales down to 18%
  • Hillsdale – prices up to 16%, sales down to 7%
  • Jackson – prices up to 2%, sales up to 2.3%
  • Livingston – prices up to 0.5%, sales down to 4.4%
  • Oakland – prices up to 8%, sales down to 11%
  • Macomb – prices up to 2.5%, sales down to 21%
  • Midland – prices up to 7%, sales up to 13%
  • Monroe-Down River – prices up to 1.35%, sales down to 2.1%
  • Saginaw – prices up to 1.35%, sales down to 2.1%
  • Traverse – prices up to 12%, sales down to 2.25%
  • West Michigan Lakeshore – prices down to 0.3%, sales up to 0.23%

Data was derived from The Michigan Realtors Association residential sales statistics of March 2020

Read more on MLive’s news article here:
https://www.mlive.com/news/ann-arbor/2020/05/hit-by-coronavirus-shutdown-michigans-real-estate-industry-hopes-to-bounce-back.html

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