Summer is in full swing and so is the busiest season for buyers and sellers who are navigating a housing market that continues to offer limited growth in available homes for sale. Homes are being listed, however, the biggest challenge is in the middle to lower pricing tiers where inventory is in shorter supply. The overall housing shortage is resulting in homes being snapped up at a faster rate. Vigorous demand has created an uptick in existing sales with prices remaining high and pushing higher.
The number of closed sales for the Lansing area for single family homes and condos above $300,000 increased year over year by 28.4% in June 2017. Closed sales during June 2017 (113) compared to the previous month, May 2017 (82), for single family homes and condos over $300,000, reflected a month over month increase of 37.8%. It has been a busy start to the summer season with the surge in the number of closed sales in the Lansing area in this price range.
The average sale price for existing single-family homes and condos above a $300,000 price range in the Lansing area has been a mixed bag for the most part in June 2017 compared to June 2016. The number of days to contract in June 2017 decreased in most categories compared with the same time last year, proof that homes are selling quicker in the Lansing area over June 2016. The inventory of homes for sale in this price range reduced in June 2017 (13) from June 2016 (182) by a stunning 92.9%. However, the Lansing area Luxury single family homes and condos in this market segment is not unlike the rest of the nation that is experiencing record low levels of existing homes for sale, nevertheless, demand is high and continues to show strength in the number of closed and pending sales.
If you are thinking about listing your home for sale this year, be sure to contact Shelly Hall, who can help you by simplifying the local housing market and explaining current market conditions particularly for Luxury Condos, Single Family Homes, Waterfront Properties and Estates over 10 acres that are $300,000 and more. If you are looking to buy or sell a home at or above this price range, be sure to contact Shelly today! Be sure to ask her how she gets homes SOLD!
Luxury 10+ Acre Estates $300,000 or More
Luxury Homes $500,000 to $700,000
Luxury Homes $700,000 or More
The numbers above represent the Lansing Luxury Home Market area.
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