Greater Huron's third quarter 2023 in Real Estate
HURON — The third quarter in Huron’s area of Real Estate is off to a solid start. The housing shortage, both nationally and locally, are playing a significant role in the Greater Huron marketplace.
The local inventory continues to be low with only 158 active listings year to date (YTD), down 15.5% from last years 187. The new listings coming on the market are also down 17.2% YTD from 2022’s 163 to 2023’s same point in time figure of 135 listings.
Similarly the sold listings are down 22.9% YTD from 144 to 111. The only thing going up are values … with the average sales price increasing 18.96%, from $160K to $191K.
So what do all of those numbers really mean? Well, don’t let that 19% increase scare you, as it doesn’t take much in a small market like Huron’s to “move the pendulum.” Just a few high dollar sales will falsely inflate that number in the local market.
Back in 2018, Huron had some high ticket sales one quarter that resulted in a 23% increase (which was UNHEARD of at that time), and boy, did that get tails wagging with phones ringing off the hook! What we have is what is called a Sellers Market, where the housing demand is exceeding the inventory. If the public is thinking about selling, now is the time; and any one of Huron’s realtors can help!