SHIAWASSEE COUNTY — The number of residential homes sold in the
Shiawassee County area during 2010 reached higher than any level
recorded in the Shiawassee Association of Realtors’ record books
during the past two decades.
The 906 homes sold in the area last year top the rest of the
organization’s records dating back to 1990.
The figure is 16.9 percent higher than the second-best year in
the past decade, when 775 homes were reported sold in 2004.
The biggest difference, however, is the average selling price —
43.9 percent lower in 2010 than it was in 2004. Last year’s average
selling price — $67,114, according to the Shiawassee Association of
Realtors — was the lowest recorded in the last decade.
Area real estate officials say the large number of foreclosures
has kept selling prices down, a trend some don’t expect to see
disappear quite yet.
“There will be plenty more foreclosures for the next couple of
years,” 2010 President of the Shiawassee Association of Realtors
Kim Omer said. “Give it a couple of years, that’s when we’re going
to see the market value return to homes.”
Association Executive Tracie Gorham said the number of homes on
the market has began to return to normal levels, a sign that
selling prices could soon begin to increase.
At the end of 2004, when sales prices were highest, 421 homes
were listed for sale in the Shiawassee area. By the end of 2006,
727 homes were listed for sale and selling prices started to fall.
At the end of last year, 443 homes were listed for sale.
“It’s classic supply and demand. There are less homes on the
market. As the number of homes on the market decreases, the selling
prices are going to go up,” Gorham said, adding that the high
number of foreclosures are one reason prices haven’t started to
increase much yet.
“The foreclosures tend to keep the prices low,” she said. “Those
two numbers (foreclosures and inventory) are kind of tugging at
each other right now.”
Both Gorham and Omer said now is an ideal time to buy a home,
particularly locally.
“We have a lot of really neat things in Shiawassee County,”
Gorham said. “A lot of people like the good, hometown atmosphere.
The school systems are great and it’s an area with good, honest
hometown people.”
Those aspects, combined with low interest rates and the tax
credits offered in early 2010 contributed to the high level of
sales last year, Gorham said.
Omer said another contributor to the large number of home sales
recorded is investors.
“They’re buying many of these homes at low prices, fixing them
up, and reselling them,” Omer said.
The number of website hits recorded has continued to increase,
according to Omer, an agent with Re/Max of Owosso.
“There are still a lot of buyers out there,” she said. “Now is
still a great time to buy.”