The sounds of summer are ending but the real estate market across much of the nation is singing the same old song. Home prices remaining seasonally high, a shortage of inventory and frustrated buyers looking for affordable homes in a very competitive market are continuing industry trends. Available inventory continued to sell at a record pace and new homes coming on the market at relatively high price points continued to make things challenging for first-time buyers.
Putting the spotlight on the local level, the number of closed sales for the Lansing area for single family homes and condos above $300,000 decreased slightly year over year by 5.1% in August 2017 (74) over August 2016 (78). Summer has been a busy season with strong demand in the Lansing area in this price range and with the limited amount of inventory it has been challenging for buyers.
The average sale price for existing luxury single-family homes and condos above a $300,000 price range in the Lansing area has been a mixed bag comparing year over year figures, August 2017 to August 2016. The number of days to contract in August 2017 increased in some categories and down in others compared with the same time last year. Inventory of luxury homes for sale in this price range reduced in August 2017 (12 ) from August 2016 (139) by 91.4%.The Lansing area 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 and 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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