Market Update Wyoming 5/16
T’is Spring and the Wyoming, Michigan housing market is making it’s annual rebound from the winter slump. Inventory in Wyoming remains historically low hovering at less than two months for the past year, sometimes dropping below a month, as seen this past March and April. To put things in perspective and the proverbial ‘nutshell’, Wyoming inventory levels have not risen above 2.5 months of supply for two years!
As predicted in our previous report, prices have begun to rise in response to demand. In the past two years average sold prices have risen from the $110-120k to an average of $120-130K for the last 6 months. The good news for home buyers is that prices have not recorded huge increases, so there is still a good opportunity to get into the marketplace in a reasonable way.
Prospective Sellers can be assured they will have lots of interest once they put their home on the market. However, that multiple showings and interest do not always translate into multiple offers. Homes that are well prepared and appropriately priced often experience a sort of “gold-rush” atmosphere during the first days they are open for showings. But once the initial euphoria wears off, the home has to stand on it’s own to command top dollar.
Red: Active Listings, Black: Sold Listings, Gold: New Listings SOLD DATE FROM 5/22/15/-5/22/16