South Lyon Market Update Week of Feb 1, 2016

Here's this week's market update for the South Lyon area.

Inventory - 222 units

New Listings last 7 days - 24

Sold last 7 days - 11

For the 11 solds, the average sales price was $293,182 which turns out to be $150/sq ft.  This is higher than typical and the data is skewed by an $800,000 sale.  The 11 solds were on the market for an average of 86 days.

There are 12 rentals available in the multilist (MLS), but remember that apartments, property managers and many individual landlords/investors do not use the multilist, either.  There are more rentals out there, but you can't find them all in one place like you do with homes for sale.

My take on this week's South Lyon market update?  Sellers  - This is a good time to beat the competition and get that home listed. Don't wait until Spring.  South Lyon is a particularly good area for new construction, but existing homes sell well, too.

Buyers - be sure you have a solid pre-approval, then start working with a full-time real estate pro.  You'll want to get into new listings quickly, and be prepared to write that offer without delay, or risk being disappointed.  Inventory is lighter this time of year, especially in the lower priced homes ($250K and under).  Interest rates did not take the small 'bump' most industry observers expected after the Fed raised rates in December 2015, but this may be more due to a robust bond market as stocks have dropped.  Mortgage rates are much more affected by bonds than they are by the stock market.

I hope you find this week's South Lyon market update interesting.  If you have questions about the South Lyon area, or Michigan real estate in general, please give me a call at 810-220-1478.