By David Fleet

Editor

Area home sales jumped in Goodrich, Atlas Township along with the Ortonville, Brandon Township area so far in 2016 according to data released last week by Realcomp. Median home values were up from $185,000 to $187,000 in Goodrich/Atlas Township area and from $231,000 to $233,900 in the Ortonville/Brandon Township areas, also according to the report.

Realcomp is Michigan’s largest multiple listing service, now serving more than 13,100 broker, agent, and appraiser customers in more than 2,200 offices across Southeast Michigan.

New home sales dipped in Goodrich/Atlas Township area but jumped slightly in the Ortonville, Brandon Township market.

“The biggest issue right now is inventory—homes just don’t stay on the market,” said Atlas Real Estate Owner/Broker Jeff Dawley, 3491 S. State Road, Goodrich.

“The demand for homes is solid and due to the lack of inventory, many new homes are being built.”

The average days on the market for area homes in July 2014 dropped to 40 compared to 118 days reported in July 2007, according to Realcomp.

“Overall our listings don’t stay on the market very long,” he said. “Multiple offers are not uncommon and from time to time sellers are getting more than asking price.”

Securing a mortgage is a lot tougher today compared to ten years ago, added Dawley.

“Right now interest rates are at about 4 percent for a 30-year fixed mortage,” he said. “Right now buyers really can get more home for the money and it is far better than lease options too or renting.”

With the lack of inventory, new home starts are on the rise say township officials.

Matt Hart has been a township building inspector in Atlas Township for the past 15 years and is encouraged with the building market.

“We have eight new homes (construction) going on right now,” said Hart. “Five or six years ago there were zero. In 2015, new home construction was strong too. But it’s sometimes difficult for people to find vacant land to build on—it’s just not there anymore. Many look to the area subdivisions to find property. As a result, many people are doing some very expensive remodels and adding on to their existing home rather than building a new home.”

Chase Harrell owner/manager of Brandon Township based Harrell Building Co. agrees vacant land is scarce.

“People are wanting to build new homes, but buildable vacant land is really hard to find,” he said. “And if they can find property it may not be in the school district or location the want. As a result land values have also increased faster then home values. However, overall new home construction and renovations continue to improve.

Finding a contractor may be challenge, added Harrell.

“There’s not a lot of new skilled trade professionals out there anymore,” he added.