Could Michigan be seeing a new wave of online auctions?

Ten-X’s Vice President of Platform Operations, Victor Gutierrez, shared his insights on the Michigan market based on recent trends he’s observed on the Ten-X platform.

“I don’t think Michigan is any different from the rest of the country,” said Gutierrez. “Transaction volumes were steadily increasing right up until the pandemic, hit pause in the pandemic and then with all the cheap money that came from the pandemic, transaction volume skyrocketed. In 2021 and 2022, we saw tremendous volume nationwide and then, as interest rates started to decrease in 2023, that’s where you see that steep decline.”

2024 has seen a strong start for Michigan auction properties on the Ten-X platform. Across 15 auctions, 11 Michigan properties sold (73.33%) for a total sales volume of just over $28 million—a Q1 sales volume that is more than half of Ten-X’s Michigan transactions in all of 2023 ($54.72 million).

Read the full article on Crain’s Detroit Business.