If you have been considering selling your home in Troy, residential real estate statistics are indicating that now is the right time. Over the past year, the median home value increase was $11,000 in the state of Michigan. In the City of Troy specifically, the median property value growth was even greater, boasting a $15,000 increase.
At the same time prices are increasing, the number of new homes on the market is decreasing. New listings are way down. Over the past year, the number of new listings added has averaged down to barely over 1,500 annualized. When reviewing the statistics for the past 3 years, this trend is even more dramatic. 3 years prior, Troy was hovering around an annual average of 2,000 new listings. The Troy market now only has about 2.3 months of inventory available for sale. And that is actually a conservative number, looking at 12 month rolling average. When looking at the amount actually available for the months of January and February of 2018, the City is down to below 2 months of inventory. A market is considered balanced when there is 6 months of inventory available. It is a buyers’ market when there is a higher number and a sellers’ market when there is a lower number. At sub-2 months, we are in a strong sellers’ market.
With the strong seller’s market providing less competition and more demand, now is a great time to list your home in Troy. Want to know more about the market or create a plan to sell your home? CONTACT ME today and I will create a Comparative Market Analysis specific to your home and we can discuss a personalized marketing plan to attract the best buyers in this tight market. You can call me directly at (248) 416-4652, or drop me a note here: EMAIL ALEX.
Why choose Alex over other agents? Alex is more than just a Realtor®. He is also Real Estate Attorney, Investor, and Consultant. Not only does he have years of experience helping clients buy or sell their homes, but he also builds homes, flips properties and manages investment properties. In addition to his legal degree, he also holds an MBA with a concentration in Finance. Alex decided to get his real estate license so that he could search for and acquire investment properties for himself. After a few deals, he started helping friends and family members find properties. It was then he realized that he loved helping others find their dream home or investment property. Not only does Alex have a wealth of real estate knowledge and experience, but he is also passionate about every deal.