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Home Sale Market Report 2014.

 

Below are the home sale market reports for Southeast Michigan. The data comes form the Realcomp2 multiple listing service.

Below are the home sale market reports for Southeast Michigan. The data comes form the Realcomp2 multiple listing service

Below are the home sale market reports for Southeast Michigan. The data comes form the Realcomp2 multiple listing service

Home Prices Jump 12%; Days on the Market Drop

byKaren

November 18th, 2014

In reviewing October’s median sales prices, our overall multiple listing service area**reflects the average single-family home or condominium sold for $140,000 in October, up 12.2 percent when compared to the same time last year, according to the latest monthly report from Realcomp II Ltd. in Farmington Hills. In addition, the average home spent 40 days on the market before selling, down from 51 days from last year’s report.

In terms of year-over-year price growth, Wayne County led the way, jumping 29 percent to $96,750. The average home sold for $213,797 in Livingston (up 17.5 percent); $128,000 in Macomb (up 6.8 percent); and $186,475 (up 6.8 percent) in Oakland.

Short sales and Foreclosures are also being depleting from the market, only representing about 13% of inventory, which offers more stability and growth.

This month’s report also reflects a 3.4 percent dip in the number of residences sold. With less inventory on the market, this has beenthe trend in recent months, butnow weneed toinclude the time of year as being another key factor. It’s seasonal and history tells us we can anticipate this number may fall again over the next two months as we delve into the holidays.

Overall though, the market has been consistent and somewhat predictable, all supporting an optimistic outlook. If you are in the market to buy or sell, with competition low, it’s a great time to do either!! Call us @ 248-628-7700

**Includes Metro Detroit and surrounding areas, Wayne, Oakland, Macomb, Genesee, Lapeer, Livingston and St Clair Counties.

 

 

SEPTEMBER 2014 STATISTICAL HIGHLIGHTS

byKaren

October 15th, 2014

Quick update on our real estate market as reported by Realcomp II Ltd. The trend remains very similar to the last quarter with less number of sales being reported for September 2013, and the prices increasing.

But in review of the last 3 months of this calendar year, while the number of sales remains low, we see a trend of median sales prices showing a slight dip in value. This can be explained by a higher volume of listing inventory (compared to springtime) offering buyers more selection. In addition, traditionally the autumn market brings fewer buyers to the market compared to spring/summer. Many sellers in the market are finding that price adjustments are necessary to generate not only activity, but bona-fide offers.

Quick Analysis:
• All MLS sales for the month were down just slightly by 0.9% from 6,235 to 6,176.
• The median sale price for ALL MLS Sales were up by 15.8% from $125,000 to $144,800.
• Average Days On-Market (DOM) for ALL MLS decreased by 11 days, from 54 to 43 days.

Synopsis of Inventory (Sept 14 vs. Sept 13):
• On market inventory increased since last September by 14.2%, from 22,535 to 25,734.
• Short sale listings have decreased since last September by 37.75%. Approximately 3.2% of the on-market inventory is comprised of properties identified as short sales.
• Foreclosure listings have decreased since September of last year by 36.55%. Approximately 7.25% of the on-market inventory is comprised of properties identified as foreclosures.

Synopsis of Median Sales prices (July VS Sept 14):
• All MLS sales for the month were down by 7.34% from 6,674 to 6,176.
• The median sale price for ALL MLS Sales were down by 3.45% from $149,900 to $144,800.

Categories :All Posted Articles,Home Sales Reports,Real Estate Articles,Real Living News

 

August 2014 closes with continuing trend!

byKaren

September 18th, 2014

Realcomp II® reports the overall area Median Sales Price rose again this month by 14.6% over same time last year, with the number of reported sales being down by 8.2%.

While the overall listing inventory has increase somewhat over last year August by 17%, the overall listing inventory is still low. This along with a slight decrease in buyers is what is continuing to hold our sale numbers down which in turn continues to have a beneficial factor on prices and our Listing DOM (Days on Market) numbers which compared to 2013, is down by 2 weeks, from 56 days to 40 days.

We are happy to also report that short sale and foreclosure inventory combined is down, representing approximately only 10% of our inventory.

Consistent with the overall trend this month, if we look at Oakland County numbers exclusively, 10% is the recurring number, with number of sales reported down by 10.6% and Median sales price rose by 10.8%.

This is all good news to share as we approach the final quarter of the year, as typically, this is when we see the market slow some, as kids get back to school and see that the holidays will soon be upon us.

These factors make it a great time for buyers to make their move as there is less competition and sellers, while there may not be the high traffic volume, the buyers out looking are serious, ready, willing and able buyers. So, get that home in “spectacular seasonal show ready” mode to enable a homeownership vison for the buyer and let’s keep selling!

Categories :All Posted Articles,Home Sales Reports,Homes for sale,Real Estate Articles

 

CASH SALES SLIP, VALUES HOLD STRONG!

byKaren

August 19th, 2014

July 2014- CASH sale transactions are at the lowest percentage we’ve seen this year at just 27% of the total sales volume. Watching and comparing this same month over the last 2 years shows in 2013, 36% of sales were cash, and in 2012 the number was 44%.

What story does this tell? Possibly it’s that First Time Home Buyers are on the rise or the investor market is slowing down as values have risen and stabilized, or perhaps, consumer confidence may be at the helm as we begin to trust the economy and the real estate market again.

As the mortgage purchases rise, the number of homes sold is also showing a slight improvement over the last few months. While the overall combined Realcomp® areas reflect 1.3% drop from July of last year, when we look at the areas individually, we have drops as well as gains. For example: In comparison to July of last year, the Detroit Metro Area is down by 20.9% and Grosse Pointe with even greater decline at 21.4% drop in sales. However their Median Sales prices are on a strong rise with an increase over last year of 18.5% and 16.5% respectively.

Now if we take a look at Lapeer and Oakland Counties for further examples: Lapeer county sales numbers were up 5.7% over last July and the Median Sales price was also up slightly at 4%. Similarly Oakland County sales numbers were up by 1.5% over this same period, with the median sales price still on the rise, but at slightly lower numbers than of recent months at 9.9%.

Previous months reported that these two counties were in the same trend as the above mentioned Detroit and Grosse Point areas. However, with sales volume numbers now increasing and the median sales price leveling, it appears to this writer, these areas are reaching market stabilization.

Combine this news with this month’s reporting of the Foreclosure inventory decreasing again to only 7.4% of the market and Short Sales only a mere 3%, this is all good news for Real Estate home sellers, buyers, lenders and the overall economy.