More homes were sold in Bay City during the 2020 pandemic than almost 20 years ago - MLive.com

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BAY CITY, MI - Despite the shadow of the COVID-19 pandemic hanging over the last year, Bay City saw a trend where more houses were sold in 2020 than in almost two decades.

City assessor Wade Slivik gave an overview of Bay City’s annual housing report for 2020 during the March 1, 2021, regular city commission meeting. Home sales were up 4.5% from 2020, with 673 homes being sold in 2020 compared to 641 in 2019, according to the data presented by Slivik.

“There were more home sales this year than there has been since 2002, 2003,” he said.

According to Slivik’s data, 672 homes were sold in 2002, 678 in 2003, and 673 were sold in 2004.

Wade Slivik presented information to the city commission on March 1, 2021 showing an increase in home sales and a decrease in foreclosures for 2020, based on trends from 2002 - 2020. Courtesy of Wade Slivik.

Bay City also had 39 more owner-occupied homes that switched over from being rentals than 2019, per the data. Slivik also reported to the commission that the median home sale value for residences in Bay City increased 9.5% in 2020 to $74,500. The median home sale value in 2019 was $68,000.

Slivik also reported a 39.5% drop in foreclosure sales with 40 being executed in 2020 compared to 101 in 2019, which he said is the least amount of foreclosures on record for the city. A factor leading to this drop were the orders restricting foreclosures during the COVID-19 pandemic, added Slivik.

So what’s with the sudden surge of home buyers in Bay City? Slivik theorized it’s possible that millennials have decided that it’s time to enter the market.

“Now I would guess that they are, and really given with renting or apartment kind of living especially with the shutdown, it’s really an opportune time, especially with the interest rates going on,” he said.

Slivik noted that about one in five of the purchasers in Bay City are first time homebuyers. First time home buyers in Bay City, and those throughout the state, are able to take advantage of the Michigan State Housing Development Authority (MSHDA) home loan program. Slivik said that his data was pulled from MSHDA to see the trends in first time home buyers in the area.

Slivik also noted that homebuyers in Michigan are able to take advantage of other programs such as the property tax exemption for disabled veterans and the poverty exemption from the Michigan Department of Treasury.

Bay City’s housing stock is also compromised of a lot of older, sometimes historic homes at a more affordable price than new builds, something that’s attracted buyers.

“There are very affordable houses for sale that you can purchase,” said Slivik.

With 2020′s median home value clocking in at $74,500, Slivik said that Bay City’s housing stock has been in demand as more people are purchasing lower priced houses and fixing them up in the area.

“I think it has the character that you don’t see in today’s housing, the new housing being built,” he said. “There’s so much detail that a hundred or so years ago that went into building that home. There was no power tools back then - that kind of just quality of work is just unbelievable.”

The increase in more homebuyers and the conversion of nearly 40 rental houses to owner-occupied homes in 2020 what Slivik likened to a revitalization as property owners begin to invest in their properties, even through simple things like planting flowers or upgrading their front doors.

“As cheesy as it sounds, just planting flowers kind of creates that competition between neighbors. It kind of just drives a sense of community, in my opinion I guess,” he said.

Slivik added, “If you rent your home and you have to replace the door, well you’re going to replace the door with the most affordable door that you can find, compared to if you live in a home you’re kind of go find that door that you really kind of love.”

In addition to the increase of home sales and rental conversions, Bay City has also seen an uptick in construction investments and developments.

City Manager Dana Muscott said during the annual State of the Community address on Feb. 16 that the City of Bay City had a strong year for building permits, with the construction value for 2020 clocking in at over $21 million.

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