We’re in a Seller’s market! You’ve heard it a hundred times but just how extreme are the conditions in our local housing market? . . . . . EXTREME!
Based on information from the Greater Lansing Association of Realtors for Clinton-Ingham-Eaton Counties, over the past two years (12 months ended in May) the average sale price of a single-family home rose from $172,254 to $202,843 for an increase of 17.8%.
Not only are homes selling for more money, they are selling FASTER. Realtors view “Days on the Market” as a key measure of the housing market. This is the number of days from the time a home was listed until it is under contract. For 12 months ended May, 2019, average Days on the Market was 50.5 days. For the same period ended May, 2021 the average Days on the Market was 37.8 days, a decrease of 12.6 days or 25.1%
The volume of homes listed has picked up but no where near enough to keep up with demand. This trend is very clear when looking at the number of homes “Available for Sale” on the last day of each month. These are homes listed but not sold. In May of 2019 there were 944 homes available for sale, in May of 2020 there were 871 and this year, at the end of May 2021 there were only 415 homes available for sale. That is LESS THAN HALF of the number the prior year.
If you are thinking of selling your home this is definitely a GREAT time. That is assuming you have somewhere to move to. Buying a home in this market is challenging but for every sale there is a buyer and buyers are being successful purchasing a home every day. For Buyers, be sure you are working with an agent that is experienced and has proved success in this market.
Whether Buying, Selling or Planning ahead to do so in the future don’t hesitate to give me a call. I’m happy to help you navigate this crazy market.