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.

Howell Real Estate Activity Feb 1 - 2016

This week’s Howell real estate market update shows 249 units of inventory (detached single family homes and condos).  There were 24 new listings in the last 7 days, more than we’ve seen since before Thanksgiving.  Sellers – there is great buyer activity out there. Do not wait until Spring to list.  You’ll have much more competition and it’ll be harder to get noticed.  Recent open house are showing a lot of buyer activity, too, many who have selected specific houses to match their needs.

There were 8 properties sold in the last 7 days at an average sales price of $206,488 or at $106/sq ft.  The average time on market for these sales was 88 days (time from list to sale), shorter than I would have thought.

The MultiList System (MLS) has 10 units for lease/rent.  Remember there is no ‘one stop shopping’ for rental property.  Most landlords don’t use the MLS.  Apartments do their own marketing, too, so there’s plenty of rental properties out there, you just have to hunt for them.

Click here to get a pdf file of this week’s new listings.  Check out my video update here.

Feel free to call with general Michigan real estate questions, too.  810-220-1478.