Mid-Summer is upon us and the real estate market in most parts of the country is thriving like it is at the peak of the home buying season and not winding down as is usually the case. Homes are selling faster than last year and inventory is actually up for the third month in a row! Low to Mid-priced homes are selling and are replaced by higher priced homes. Overall, home prices are staying high which make it difficult for first time buyers. According to Freddie Mac, the 30-year fixed mortgage came down a little in July; if you are looking to sell, now would be a good time to enter the market.
Drilling down to the local level, the number of closed sales for the Lansing area for single family homes and condos above $300,000 increased year over year by 2.7% in July 2017 (77) over July 2016 (75). Mid-summer has been a busy season with strong demand in the Lansing area in this price range along with the limited amount of inventory which has made it challenging for buyers.
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 comparing year over year figures, July 2017 to July 2016. The number of days to contract in July 2017 decreased (sometimes drastically) in most categories compared with the same time last year, proof that homes are selling quicker in the Lansing area over July 2016. Inventory of homes for sale in this price range reduced in July 2017 (8) from July 2016 (139) by a stunning 94.2%. 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 many areas.
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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