Lansing Housing Market Stabilizing

Good news for the Lansing Real Estate Market, we are finally seeing the amount of inventory on the market getting lower. In July 2007 our company found that there was approximately 15.35 months of inventory based on the amount of homes available divided by what had sold over the previous year. This information is based on data pulled from the Multiple List Service of the Greater Lansing Association of Realtors. A current snapshot using sales data from 2007 over current inventory shows that the amount of inventory has dropped to 13.2 months. This is still up from the beginning of last year, but hopefully it is a good sign of what this year will offer to us in the real estate market. New construction has also seen a significant drop. Currently there is approximately a 14.2 month supply of new homes in the Greater Lansing Area. This also shows a drop in the amount of supply currently available. Most of that is due most likely to the significant drop in permits pulled for new homes in 2007. We saw one of the lowest years for new permits pulled in the tri-county area since the early 1980’s.
In our communities we have around the Lansing area, we are also seeing an increase in the amount of traffic that is coming through the doors. We currently have three new homes being built in Lakeside, two getting ready to start in Williamston, and one that just completed in Mason. Even with an election year, it seems that barring an announcement of a major job catastrophe for the Lansing area, we have seen a turning point in our housing market.