As we continue to move towards our "new normal", one of the seemingly larger obstacles many homeowners face is whether or not now is the right time to buy or sell real estate in Livingston County. Our real estate agents at Griffith Realty understand that this life-changing decision is only made more difficult with the increasingly uncertain times we're living in. While we may not know when much of our normalcy will return in our day-to-day lives, we can assure you that the real estate industry has adapted to the "new normal" and is offering unique opportunities for buyers and sellers throughout Livingston County to achieve their real estate goals.

Current Market Activity in Livingston County

For months, the real estate industry has implemented new processes to make every element of the home buying and selling process as streamlined, socially distanced, and safe as possible. Although we should still assume that the market may not return to its past performance anytime soon, we are pleased with the latest positive real estate trends in Livingston County.

• The number of active listings decreased by 24 percent compared to June 2019 and down 8 percent from May 2020.
  
  
• The median listing price for June 2020 in Livingston County was $363,000 which was an increase from $334,000 in June of 2019 and $355,000 from May of 2020.
  
  
• Compared to June 2019, the average number of days each property spent on the market increased by 43 percent, from 30 days to 43 days.
  
  
• The median sale price increased from both June of 2019 ($266,000) and May of 2020 ($277,000) to $292,000 in June of 2020.
  
  
• The number of total units sold in June 2020 was 251, which was a decrease of 13 percent from last year's 291. However, it was up 118 percent from the 115 units sold in May 2020.

What does this mean for buyers and sellers in Livingston County? While the total inventory available is lower, sellers have been able to price their properties more advantageously. However, with units sitting on the market longer, it may allow some buyers to negotiate more favorable closing terms with sellers who need to complete their transactions quickly. With so many more homes selling at higher prices in June than in May, it's clear that Livingston County's real estate market is showing strong performance despite the challenges faced.

If you're a buyer, you'll have limited inventory and significant competition in the month of July. We recommend getting prequalified for a mortgage loan to help position yourselves favorably in the seller's eyes. If you're a seller, fewer homes on the market will cause buyers to acutely compare properties. We suggest that you view comps recently sold and consider making updates, renovations, or enhancements to key aspects of your home to set your property apart from others on the market.

Real Estate in the Ever-Changing Age of the Coronavirus

Griffith Realty is evolving alongside the real estate industry to offer a safe, and often contact-free, experience from home staging and showing through closing. Read more about the dynamic changes Griffith Realty has made to maximize your health and safety, and learn about all of the ways you can achieve your real estate goals even in the age of the coronavirus. Contact us today with any questions.