2016-2020 Local Real Estate Trends

2020 is “in the books” and our local Real Estate trends are continuing in spite of a crazy year including shut downs and restrictions due to COVID.

Check out the following stats for Clinton-Eaton-Ingham County, single family home sales for Calendar Years 2016 through 2020 based on data from the Greater Lansing Association of Realtors:

*Average Sale Price is up from ~$153,000 to $197,000, an increase of 28.9%

*Average Days to Sell is down from 60.4 days to 48.3.2 days, a decrease of 20.1%

Also interesting (not shown in the graph above), Selling Price as a percent of list Price (SP/LP) has increased from 97.8% to 99.4%, meaning that houses are selling closer to the price that they are originally listed for

Homes are selling:

  • FOR MORE MONEY
  • SELLING FASTER
  • CLOSER TO LIST PRICE

Why is this happening?  As the demand for homes in our area continues to rise there just aren’t enough homes to sell.  This is a frustrating situation for Buyers who are encountering a VERY competitive Buyer’s Market including multiple-bid situations and over-bids. 

What can Buyers do?  Be sure to work with an experienced agent that is in touch with the market and be ready to move quickly when you find the perfect home.

Whether Selling or Buying, give me a call, I would love to talk to you about your plans and offer my assistance in helping meet your real estate goals.  “My goal is achieving yours”