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Making Sense of Greater Lansing Real Estate

CityPulse

Sponsored Content Sep 07, 2018.

Making Sense of Greater Lansing Real Estate

How is the market? Often times, as a realtor this is the question I get from people. The answer is a nuanced one: It varies based on the location of your home - if you are in East Lansing or Lansing or Mason. These numbers and data from mid-August will give you insight into the current market and help you get a better understanding of what to do with your house. 

Currently, there are 1,585 homes for sale across greater Lansing. Of those homes, 926 have offers on them, and over the last twelve months 6,872 homes have been sold. These numbers indicate a 36.8 percent absorption rate - meaning, the market is absorbing one in three homes right now. This number is a fairly balanced one since a 50 percent absorption rate implies a perfectly balanced market. Once we start to err on the upside of 50 percent, it becomes a strong seller’s market, and as we go on the downside it becomes a buyer’s market. With that being said, we only have a 2.4-month supply of homes across the market, a relatively low inventory compared to homes in the past. Low inventory will drive sales prices higher, it will also mean the number of days the house is on market will be shorter. With all this information on hand, it is important to note that they are specific to greater Lansing and, as I mentioned earlier, every area is different. I will be happy to help anyone navigate this landscape effectively and make sure they are well informed before making a decision about their homes. 

How is the market? Often times, as a realtor this is the question I get from people. The answer is a nuanced one: It varies based on the location of your home - if you are in East Lansing or Lansing or Mason. These numbers and data from mid-August will give you insight into the current market and help you get a better understanding of what to do with your house. Currently, there are 1,585 homes for sale across greater Lansing. Of those homes, 926 have offers on them, and over the last twelve months 6,872 homes have been sold. These numbers indicate a 36.8 percent absorption rate - meaning, the market is absorbing one in three homes right now. This number is a fairly balanced one since a 50 percent absorption rate implies a perfectly balanced market. Once we start to err on the upside of 50 percent, it becomes a strong seller’s market, and as we go on the downside it becomes a buyer’s market. With that being said, we only have a 2.4-month supply of homes across the market, a relatively low inventory compared to homes in the past. Low inventory will drive sales prices higher, it will also mean the number of days the house is on market will be shorter. With all this information on hand, it is important to note that they are specific to greater Lansing and, as I mentioned earlier, every area is different. I will be happy to help anyone navigate this landscape effectively and make sure they are well informed before making a decision about their homes.
Joe Vitale
Joe Vitale

Joe Vitale

Coldwell Banker Hubbell BriarWood

(517) 712-4500
830 W Lake Lansing Rd Suite 210
East Lansing, MI 48823

           
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