Market Info


In September the Greater Lansing Association of Realtors is reporting 282 home sales.

The average listing price in Greater Lansing was $148,442 and the average sale price was $142,758. 

The highest sale was a home in Haslett that sold for almost 1 million bucks. 

Compare these numbers to September 2006 when 450 homes were sold with an average listing price of $156,237 and an average sale price of $151,010. 

Looking just at East Lansing sale prices are up even with sales volume down.  In September 06 the average sale price in East Lansing was $199,801, but in September 07 the average sale price was $217,810.  Goes to show you how important location is. 

Infomation is based on residential home sales – does not include condos or commercial properties.

Advertisements

Yesterday the Lansing State Journal reported online that Lansing-area house sales are up, but average sale prices are down.

If you want more detailed information about sales in your neighborhood just ask.

sales-vs-listings.gif

This is a week by week comparison of the number of homes listed and sold in the entire Greater Lansing area from 2/25/07 to 4/28/07.

You can see that listings are outpacing sales by double and sometimes triple each week.  The data represented here was gathered from the Greater Lansing Association of Realtors MLS and is deemed reliable but not guaranteed.

This post was inspired by Teresa Boardman’s post in her St. Paul Real Estate Blog.

Yesterday I had a closing on a fantastic listing that I really enjoyed representing.  It was a great cape-cod in one of my favorite Lansing Neighborhoods, Colonial Village.  It was easy to show and the owners were a pleasure to work with.  house.jpg

If you’re interested in seeing the home and the details of the sale you can view all of the vital stats here.

If you own a property in the Colonial Village Neighborhood and you would like to know how this sale affects your property value don’t hesitate to contact me for an update.  If you’re thinking of buying a Colonial Village home and you want to know why I love the neighborhood you can call me and I’ll tell you that too.

When you’re ready to sell your home, isn’t a fast sale the goal?  I would answer, “YES!,” but if the behavior of most sellers is any indication a slow, grueling sale is really the goal. 

There are many factors that go into the timely sale of a home; price, condition and marketing to name a few.  I want to focus on price here so let’s assume that the home is in great condition and is being marketed by a professional who covers all the bases.  Will an Over-Priced home sell fast?  NO!  Will a Well-Priced home sell fast?  YES!

It seems obvious that a Well-Priced home will sell faster than an Over-Priced home.  So why do so many sellers “test the market” with an inflated listing price?  I think the answer is that most seller think Well-Priced is synonymous with Under-Priced

The current Greater Lansing real estate market is leaving sellers who are testing the market in the dust.  In Lansing alone there are 645 listings priced between $100,000 and $200,000.  With only about 45-50 homes currently selling each month in that price range we have a 14 month inventory of homes.  With odds like that only Well-Priced homes are getting attention from serious buyers. 

I took a listing last September from sellers who were not in a hurry to sell.  They didn’t need to sell until the following summer.  For five months the sellers tested the market with an inflated listing price and the results were predictable – few showings and no offers.  Last month they got serious about selling and agreed to a price reduction that put the property at a fair price, it became a Well-Priced property.  Within ten days there were three interested buyers and a strong offer.  That sale will be closing tomorrow.

Now, wouldn’t it have been easier to list at a fair price in the first place?  These sellers would have achieved the same results, but they would have only had to go through the stress and work of having their home on the market for 10 days instead of 6 months.  And yes, having a home on the market is hard work.  Keeping your house in presentable condition can be a major pain.

I understand the desire to overprice a home.  I know that nobody wants to feel like they’re giving money away.  I just want to caution potential sellers that in our current real estate climate overpricing will probably cost you money in the end and it will definitely cost you time.  Be careful!

East Lansing residential real estate sales for the first quarter of 2007 are only down slightly from 2006.  Unit sales of single family homes and condos in the East Lansing School District decreased from 59 units in the first quarter of 2006 to 52 unit sales in the same period of 2007.  Sales by dollar volume decreased to $10,592,700 in 2007 compared to $10,829,330 in 2006.  These minor declines are actually good news for East Lansing.  Many other communities in Greater Lansing are showing much higher declines in the first quarter of 2007.  The presence of Michigan State University has definitely helped stabalize the housing market in EL…  Go Green!  Go White!

Lately you may have noticed INNW ads in our local papers and on area billboards.  If Not Now, When? is a consumer awareness program sponsored by the Greater Lansing Association of Realtors in an effort to inform buyers of the merits of purchasing a home in our current real estate market.  If you have not had the opportunity to see the complete ad I have included a link to it here.

One of the main points of the INNW campaign is that the current real estate market in the Greater Lansing area is a buyers’ market, with a large number of reasonably-priced homes available for buyers.  A reasonable concern in a buyers’ market is when current owners should sell their homes.  What may not be clear from the advertisement is the economic advantage of moving to a larger home, where one’s savings as a buyer can more than make up for selling aggressively. (more…)