Greater Lansing Area Housing Market on the Rise

By: Alyssa Fenske Email
By: Alyssa Fenske Email

LANSING (WILX)-- New data shows homes are selling faster than they did last year, and prices are creeping up too. Home prices are up almost 4% from last year in the greater Lansing area.

Realtors say it's a solid start to the spring buying season.

East Lansing home owner Gus Giltner is looking to close on an offer . If all works out he'll be selling his home in a record time of two months.

"The average time is 4-6 months so that is what we were thinking. The two months seemed long, but we were happy with the time frame."

Giltner's realtor Brian Huggler with Coldwell Banker Hubbell Briarwood is just as excited about selling the home as they are.

"It's so refreshing to call a seller and say there is an offer on their home and it's a good offer," said Huggler.

On average homes in the greater Lansing area are selling about two months faster than they were last year. In 2012 homes were taking an average of 7 months to sell. In the first quarter of 2013 homes were only taking an average of 5 months.

The selling price has also gone up by 3.8 % over the last year. In the area home are currently selling for an average of $105,000 dollars; $4,000 more than last year.

"We haven't seen those huge price increases but anything in the positive direction is wonderful," said Huggler.

The home market improving means it's getting easier for sellers, but for those who want to buy the homes it's getting harder. There are 18 % less available listings this year compared to last.

"Now we're seeing buyers have less time if they want the house," said Huggler.

However, home prices are still 39 % below the 2005 housing peak. A high that some realtors never want to get to again.

"We're not where we used to be and we hope we don't get where it used to be. That was part of what created the problem."

Huggler expects interest rates to begin rising as well by the end of the year.

So far this year 1,764 homes have been sold in the greater Lansing area.

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