Every month Todd Waller dives deep into the previous month’s Ypsilanti Township, Michigan real estate market stats and delivers exciting insights into the status of the Lincoln School district’s real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!
Lincoln School District Real Estate Market
In July 2021 the Lincoln school district’s real estate market continues to be a strong sellers market, with low inventory levels, strong price appreciation, and many over list price sales occurring. These July 2021 stats are compared to the previous year’s July 2020 statistics, which means for the year over year comparisons, numbers of transactions, and days on market can be skewed because there was a hot moment where real estate was effectively brought to a standstill. (Thanks, Covid-19.)
Average Sales Price
The average sales price for a single family property (house or condo) sold in the Lincoln School district in the month of July 2021, was $307,211. Compared to July of 2020, this is up 22.86%. The median sales price also saw a pretty significant jump in July. Median sales price rose 19.76% to $303,000, when comparing July 2020 to July 2021. These are possibly the highest averages in this area’s history.
Days on Market
Properties sold in July of 2021 were on market for an average of 10 days. This is down over 41.34% from July 2020. This means that homes are sitting on the market for just barely over a week before being snatched up.
Properties Sold At or Above List Price
July of 2021 saw a 12.73% decrease in the number of properties sold, compared to July of 2020, with a total of 48 properties receiving new owners.
A newly tracked statistic for the Studio is the percentage of properties each month that sell at or above list price. This metric is another way to gauge the supply/demand inequity in the Lincoln School district’s market. In July of 2021, 87.5% of the properties sold at or above list price.
When over 80% of all home sales are at or above list price, you can be sure that there is fierce competition among buyers for the limited stock of inventory that is coming to market.
What to do With This Information?
If you own a place in the Lincoln School district, or are thinking of purchasing in the Lincoln school district, Studio Four8 is here to help you navigate the current market, regardless of the conditions. The current market conditions favor sellers. This is evident by the short days on market, and the percentage of properties selling at and above list price. So, for sellers, this is a great time to be selling. Reach out to a Studio Four8 agent and learn how we maximize the market conditions for your specific home selling scenario.
For purchasers, this is a challenging market, to be sure. Chat with an agent at the Studio and learn how your offer will be considered by a seller, and how we can shorten your time looking for a property.