Genesee County First Quarter Sales

Genesee County home sales where very stable the first three months of 2011. Despite the negative news in the national media regarding home sales  Genesee County performed very well. There were only 11 fewer homes sold in Q1 2011 vs. Q1 2010 and the average sales price was up a couple hundred dollars per sale…not bad news!

According the Flint Area of Realtors MLS 1225 Genesee County homes sold in the first three months of 2010 for an average sales price of $65,080. For the same period of time in 2011 1214 Genesee County homes sold at an average sales price of $65,133.

The thing that really makes these numbers astounding is the amount of inventory, the number of homes on the market. There were 1025 fewer homes on the market in Genesee County  at the end of March 2011 compared to same day in 2010. That is a 20% drop! We now only have 4.6 months of inventory based on current pending numbers. That is down from 6.9 months last year.

4.6 months of inventory is technically a seller’s market; that just sounds bizarre! Here are some more facts I found interesting:

-Another Fenton lake front sale above $1.2 million, the third in a year.

-488 homes went pending in the first 30 days on the market.

-A large number of the foreclosure listings are selling above list price.

-A great deal of out of state investors are buying large groups of properties, retail.

-Selling prices are averaging 83% of original list price, over pricing is not the solution.

-The average list price in Genesee County  is up to $108,000 vs. $97,000 a year ago.

-Market absorption is 21.8% vs. 14%.

-Five straight quarters of positive price movement YOY.

There are good things happening out there, the data  proves it.