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Novi home values holding strong
Published: 9/23/2020
Jamey Kramer has been through it all in his 28 years as a Realtor in the Novi area. There was the tech crash in 2000, the financial crisis in 2008 and now the COVID-19 pandemic in 2020.

Sales in Novi were off to a great start with 180 completed sales by the end of March. Then came the government shut down that put a variety of businesses on hold, real estate included. It made for a tough April and May but since reopening, the real estate market in Michigan has been brisk and Novi sales are back to where they have been the last two years. The total number of sales for Novi through August is only down about 6% from 2019 (555 transactions compared to 592 in 2019).

Kramer admits everyone was nervous when the pandemic led to the shutdown, but now it seems as though things are back to normal – well as normal as things can be when buying and selling homes now includes masks, disinfectant spray and hand sanitizer.

“We just took it one step at a time and kept working the best we could,” said Kramer, who holds the distinction of being the top selling agent in Novi over the last 18 years and boasts over $12 million in Novi sales volume thus far this year.

“The business has always been about people and there are always people who need homes.

“When the shutdown was first lifted there was a lot of pent up demand. I think a lot of that demand has now been met and I cannot say COVID-19 is really impacting things anymore.”

Homes in Novi have long been a hot commodity and this July and August were no different. A total of 136 homes sold in July and another 91 in August. Frank Raburn, a photographer/marketing consultant for Jamey Kramer Group and retired Novi Community School District teacher, said while it’s unlikely the industry will post the numbers it did in 2019, he expects a strong finish in the months ahead.

“Novi is a great community to live in and the demand for homes in our fair city is unlikely to fade in the foreseeable future,” he said.

The average home sale price in Novi in 2020 is $380,180, up from $375,120 in 2019 and quite the jump from the average price of $340,900 in 2017. Kramer credits those figures to the high-quality school districts that service Novi residents, topnotch city services and excellent public safety.

Kramer also said that contractors are “slammed” right now with various projects as homeowners were eager to do something once the lockdown ended. “Everyone came out wanting to sell or change everything in their house,” he said.

As for what’s next, Kramer said sales tend to pick up a bit after Labor Day but the November election will likely slow things down again as “people want to see what is going to happen.”

He also had some advice for people looking to sell their homes, but may be nervous considering the current circumstances. “A home that is priced right and clean always sells no matter the market conditions.”

For those interested in buying or selling a home or looking for more information about the real estate market, visit JameyKramer.com or call 248.348.7200.