Thursday October 1, 2020 by Allen Edwin Homes Team
PORTAGE, Mich. Throughout 2020, the housing market has continued to face an inventory strain and rising prices. Overall, home sales and new housing starts (permits) are down year-over-year locally. Housing continues to face a new challenge with affordability concerns keeping buyers on the sidelines and slowing the rate of home sales. All builders are facing new additional constraints with supply in materials and therefore the supply has been unable to meet the demand.
Allen Edwin Homes has gathered and monitored new and existing homes sales and prices to identify trends and market conditions throughout the following markets and local Realtor associations: Grand Rapids, Kalamazoo, Lansing, Livingston County, Genesee County, Jackson County, Michiana and West Michigan/Lakeshore. Below is a breakdown of the market depth for these local markets from the MLS as of 9/29/2020:
Allen Edwin Homes has been continuously creating inventory, despite the statewide shutdown, increased cost of lumber and other materials, and shortages in building materials. Allen Edwin Homes has used information and data from local Realtor associations, new housing data from housing starts (permits) and market depth (months of supply) by price points to help formulate a solution for the first-time buyer and the supply constrained housing markets.
“Since April 2020, we have closely monitored the housing supply in our markets across Michigan and Indiana,” said Mike McGivney, Vice President of Sales and Marketing for Allen Edwin Homes. McGivney added, “In April of 2020, we saw an average of 2 months of supply of homes available from $200,000 to $400,000 price ranges. Today, we see supply at just 1 month in the same price points. A nearly 50% decline in the number of homes available.”
With three months of the year remaining, Allen Edwin Homes has increased the number of quick occupancy homes ready for move in between 60 and 120 days. With record low interest rates and record low supply of homes, Allen Edwin Homes expects to see strong housing demand into and through 2021.
For more information on Allen Edwin Homes, please visit www.allenedwin.com
About Allen Edwin Homes:
Allen Edwin Homes, one of Michigan’s largest home builders, was established in 1994 in Portage, Michigan and builds in over 100 great communities across Southeast MI, Kalamazoo, Grand Rapids, Lansing, the West Michigan Lakeshore and Indiana. Priced from the mid $100,000s to $500,000s, all Allen Edwin Homes are RESNET® Certified Energy Smart Homes and include a 10 Year Structural Warranty backed by the RWC®. For more information about any of Allen Edwin Home’s new communities, please call 800-313-9211 or visit www.allenedwin.com
Contact:
Mike McGivney
VP of Sales & Marketing
Allen Edwin Homes
616-238-2141
mmcgivney@allenedwin.com
www.allenedwin.com
