PORTAGE, Mich, January 30th, 2020- Beginning in 2018 and continuing through 2019, the housing market has continued to face an inventory strain and rising prices. Overall, home sales and new housing starts (permits) were down in 2018 locally. Despite a strong economy, housing continues to face a new challenge with affordability concerns keeping buyers on the sidelines and slowing the rate of home sales. That trend continued through 2019, as existing homes sales (both new and used) are down year over year and prices continue to increase.
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, Washtenaw County, Jackson County, and West Michigan/Lakeshore. Below is a breakdown of new home starts (permits) for the local markets in 2019:
*Detroit includes Livingston/Washtenaw/Jackson County
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. In November of 2018, Allen Edwin Homes launched the Integrity Collection to gives first time and move up buyer’s options to own a new home with monthly payments comparable, or in some cases, lower than the cost to rent. The new collection of homes range from 2-5 Bedrooms, 1-4.5 Bathrooms, and 1,252-2,276 square feet with monthly payments starting from just over $1,000 per month. This collection includes features such as Energy Smart Certified Homes by RESNET, including 96% high efficiency furnaces and air conditioning by Carrier, Moen fixtures, Aristrokraft cabinets and much more. Allen Edwin Homes is up 47% in home sales from 2018 to 2019 due to the change and focus on affordability.
*Builder Track **Michigan Realtors Housing Statistics
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
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* This is NOT a commitment to lend. Financing example is based on the sales price with a 5% down payment. Mortgage is a 30 year Fixed Rate Mortgage loan with an interest rate of 5.990% fixed with 2 points (APR to be determined by a lender). Monthly principal and interest are included in the above payments. Monthly taxes, mortgage insurance and hazard insurance are not included in the payments for this loan program. HOA dues are additional and not included in the above payment. Maximum loan amounts are based on county limits and vary between counties. See a lender for information. Not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Interest rates, payments, terms and availability of this loan program, and the sales price, are examples only and are subject to change without notice. Interest rates may not be available at the time of loan commitment or closing. Loans are subject to credit approval. Restrictions and conditions may apply. Interest rate and APR for Fixed Rate Mortgage (ARM) programs are subject to increase or decrease. Rates are quoted as of 5/3/24.