How's The Market in Howell? Glad You Asked

Inventory continues to decline, but that should change soon.  Right now we're at a 2016 low with 210 units available.

Last week, 19 new listings hit the market.  We also had 19 sold listings.  But with expireds, pendings and withdrawn properties, we actually lost inventory.

For the 19 sold, the average price was $211,250 or $116/square foot.  Average time on the market was 84 days, but one listing had been on the market for over 800 days (!) and if that one is excluded, the average time on the market was only 42 days. Folks, that is very, very fast.

At the risk of sounding like a broken record, here's my analysis for consumers.  

Sellers - if you're waiting for 'Spring' (look outside today, by the way), DON'T.  There are motivated buyers looking for homes and your competition is at an extreme low right now. Need or want to sell fast?  List it now.

Buyers - I know many of you are committed to other agents, and that's fine.  But please work with a LOCAL, experienced, preferably full-time agent.  Why?  Because they know the area, they don't have to drive 45 minutes to get here and they'll add real value to your home purchase.

Last year I worked with two buyers that found me after working with what could be called 'mega agents'.  The buyer agents on those 'teams' couldn't get them into homes quick enough and they had trouble reaching them by phone.  They didn't feel as if they were being taken seriously while they were ready to make the biggest purchase of their life.

If interested, you can get a list of last week's 19 new listings here, or check out my video report here.

How's The Housing Market in Howell?

Like many other parts of the country, local demand is outpacing supply.  Even with some new construction in the area, there is still not enough inventory.

Last week, there were 14 homes sold at an average price of $208,486, or $114/sq ft.  These homes sold remarkably fast on average - just 45 days!  We also had 20 new homes come onto the market.  I know what you're thinking.  Hey!  14 sold and 20 new listings?  That sounds like inventory is replenishing itself to me. 

Au contraire.  When you take into account the expired listings, those that went pending (an off-market status), and the consumer-requested withdrawals, we're at a decided net loss.  You can download the weekly new listings here and watch this week's update video here.

If you're a seller that's waiting for spring and has the ability to adapt quickly, this is a great time to list.  Motivated buyers and far less competition than you'll see in another month or two.  Feel free to request a home valuation here.

Buyers, if you're looking for a home in Howell, please consider working with a local, full-time real estate professional (like me) :-).  Working with an out-of-area agent that doesn't know anything but the basic geography will not be able to add quality to your home search.  And I practice what I preach.

Last year I had 5 outbound referrals so clients could get the best possible service by an agent from the area in which they were interested.  Why would I do that?  Because I am committed to the best possible service - and because you deserve the best possible service.

photo credit R. Smith

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.

Livingston County Market Stats – Through May 2011

Using data from our Multiple Listing Service (MLS), Realcomp II, Ltd., we are seeing a continuation of the existing trend of lower inventory and shorter time on the market.

Through May, and comparing years 2009, 2010 and 2011, inventory has gone from a year to date (YTD) figure of 2840 in 2009 to 2455 in 2010 and the current 2150 for 2011. That’s a drop of just over 24% in the last two years.

Both the total number of residential sales and the total sales volume (price of all sales combined) is lower in 2011 vs. 2010, almost 9% lower for number of sales and 6.5% lower in sales volume, but the average sales price is up about 2% for 2011 and the median sales price is just slightly up over 2010 as well. That's likely an indication of higher overall prices on a per sales basis.

Days on the market continue their decline, too. In 2009 it was taking an average of 135.2 days to sell homes. That dropped to 125.6 days in 2010 and this year it’s at 119.2 days. That represents a home selling about two weeks faster than just two years ago.

For buyers seeking a home for $100,000 or less, the news is not good at all. In 2010 (through the end of May), there had been 330 homes sold in this price range. In 2011, there had been 284, an almost 14% drop. Part of this is due to lower inventory, but some of it is also due to the fact that lower priced homes tend to get multiple offers and may be bid up and over that $100,000 price mark. That’s another reason for buyers to be ready to move quickly when they find the right house.

If you're going to be looking for a house soon, work with somebody that understands the dynamics of today's market and can help you create a winning plan.  My success rate with buyers is very good.