The South Lyon area is mostly in Oakland County, but parts of it range into northeast Washtenaw and southeast Livingston Counties, too.
Inventory in the South Lyon area continue to decline, we're now at 216 units.
In the last 7 days, there were 6 sold residential properties (detached homes and condominiums), averaging a sales price of $303,528, or $132/sq ft. These 6 homes sold in an average of 51 days! Remarkable when you consider that it takes 30-40 days to close a conventional or FHA mortgage. That means these homes are going under contract in the first 10 days on the market.
There is a lot of new construction in the South Lyon area, and builders often only place one model in the MLS, so there's likely more than what is showing for inventory. But builders are still not putting up 'spec' houses, preferring to get buyers under contract before they start to build.
Buyers - don't hesitate. Be sure you're working with an agent that can get you into homes quickly or they will be gone. If you're interested and not working with an agent yet, I have a great workshop that we can do one-on-one that will answer most of your questions. Even 'experienced' buyers will learn a thing or two from this session.
Sellers - your competition will NEVER be lighter than right now. DO NOT WAIT UNTIL SPRING to list unless it's absolutely necessary. At this time of year there are fewer buyers that are 'tire kickers' and more that are SERIOUS.
