I'm starting to feel somewhat like a time loop. Over and over and over again. South Lyon inventory is flat. No significant difference since the first of the year with 211 units currently available.
New listings have also been flat since the middle of March with 25 new listings in the last 7 days. Time on the market for the 14 solds last week has slightly lengthened, now at an average of 98 days, although the median time on market is a more reasonable 70 days.
The average sales price last week was $304,547 or $134/square foot, pretty typical for this market area.
Market insights? Sellers, don't wait for the warmer weather to list unless you have exterior work to do on the house. Buyer demand is healthy with lower inventory, especially in the $350,000 and under price points.
Buyers, please work with a full-time local agent that knows your market inside out and backwards. Any licensee can complete a purchase agreement, but how many of them can help you with getting all the info you need to make the best decision possible?
You can watch my video report here or get a copy of the full market statistics and last week's new listings here.
Bob Smith has 17 years experience working the South Lyon real estate market. Call for a home valuation.