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market report: February 2009 Southeast Michigan Market Report - 03/19/09 11:24 PM
Hard to believe, but we're nearly done with the first quarter of 2009 and the Spring selling season is upon us.
The good news is home sales in 2009 continue to outpace 2008 levels in Southeast Michigan. February sales in Wayne County were up 18.4%, Oakland 12.3%, Livingston 27.9% with an overall increase across the MLS of 16.5%.
Another good piece of news is that the inventory of homes and condos is way down. Last Summer I had "Search over 70,000 homes..." on my website. Today when I checked the MLS, there were less than 50,000!
Average days on the market … (2 comments)
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market report: January 2009 Market Report - 03/01/09 10:26 AM
I know, its the first day of March, but better late than never.
The January statistics issued by our local MLS Realcomp indicated home sales continued their upward trend. In fact, sales increased 25.7% over January 2008.
Most home sellers who don't have to sell are staying put or leasing until things start to recover. Most homes on the market are well priced and inventory is down 21.1% over January 2008.
The first-time home buyer market remains strong and should continue with the recent passage of the $8,000 credit for first time buyers, which unlike the 2008 credit, … (4 comments)
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market report: December 2008 Market Report - 01/30/09 07:28 AM
Residential sales ended 2008 up 19% higher than 2007 with December's strong finish. In fact, according to Realcomp, every county in the entire MLS showed increased sales and pending sales, which bodes well for 2009. Sales for the entire MLS during December 2008 were up 31.6% over December 2007, reflecting the 12th straight month of growth. Strong 2008 starter home sales (those priced under $125K) were up 61% over 2007 due in large part to affordable home prices and low interest rates. Even though December's inventory was down over 18% over December 2007, the supply of homes remains greater than the … (2 comments)
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market report: November 2008 Market Report - 12/22/08 01:44 PM
It's been a crazy month with tons of economic news, and lots of it not so good. With the Detroit 3 thrown a lifeline just in time for the holidays, let's hope that the rest of the economy stabilizes soon so people start buying cars again.
The local real estate market had record sales again for the 11th straight month in 2008, with an increase of 20.5% over November 2007. Realcomp, our local MLS, reports that 2008 year-to-date sales increased 18.1% over 2007. Oakland County posted the highest percentage sales increase for November at 31.8%.
There are a couple … (0 comments)
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market report: October Market Report - 11/25/08 06:55 AM
For the 10th straight month in a row, sales were up over 2007 for total of 27.7% in the MLS area. With lots of competition from bank & government-owned homes and short sales, owners are continuing to hold their homes off the market until it stabilizes so the number of homes on the market has continued to decline.
Homes priced competitively are selling and the number of starter homes (those priced under $125K) sold this year has surpassed 2007. In fact, 53% of all homes sales were below $100K!
Activity has definitely slowed with all the market chaos so … (0 comments)
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market report: September Market Report - 10/25/08 01:42 PM
As if the Michigan economy didn't have enough challenges, the past month of national and world financial chaos certainly hasn't helped. Even with all those challenges, the Southeast Michigan counties of Wayne, Oakland, Livingston, and Macomb all experienced higher sales volumes than last year for the month of September. Depending on the zip code, the number of September sales in Plymouth increased 48.5%, Livonia between 30-54%, Northville 15-175%, Westland 22-100%, and Canton 27-29%. However, sale prices are continuing to decline. The good news is that between the higher number of sales and Sellers choosing to wait out the market and not … (1 comments)
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market report: August Metro Market Report - 09/17/08 10:51 AM
Even with the news of the Fannie Mae and Freddie Mac bailout, there is still strong activity and confidence in our local market as sales remain 11.7% higher than last year for the eighth straight month in 2008, according to RealComp, our local MLS. When comparing this year's results to the record-breaking sales of August 2005, sales are only down 1.1%.
Additionally, Pending sales this year are up in all counties, with a 45.1% increase in Wayne County and 25.9% in Oakland County over the same period in 2007. Compared to 2005, pending sales are actually up 19.8%!
It … (0 comments)
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market report: 1st Time Buyer Alert, Part 2 - 08/25/08 11:13 AM
As I wrote in the July Market Report, Congress passed the new American Housing Rescue and Foreclosure Prevention Act to help spur activity and encourage buyers, and particularly first time buyers, to take the homeownership leap. Besides providing a tax credit of up to a $7,500 (10% of the purchase price) for home buyers, what are some of the other considerations to keep in mind?
According to the Wall Street Journal:
The full credit is available for those taxpayers making less than $75,000 ($150,000 if filing joint) Buyers cannot have owned a home as their principle residence in the past three … (0 comments)
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market report: July Market Report - 08/25/08 10:52 AM
According to RealComp, our local MLS, the market activity trend reflected a 15% increase in activity over the same period last year for the seventh straight month in 2008. Additionally, Pending sales were up significantly over the same period in 2007.
While interest rates have remained low, values have continued to trend downward. The good news is there were more private owner sales in July than foreclosure sales. Also fewer homes are on the market this year than in 2007 reflecting the fact that many people are sitting tight if they don't need to sell.
While the news … (1 comments)
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market report: Mid-Year Market Review - 07/20/08 10:43 AM
While we've continued to see values decline, activity is up year to date with Wayne County posting the largest increase in June according to the Detroit News.
In fact, for the sixth straight month this year, the number of homes sold increased 13.1% over 2007 in June according to an article in Crains Detroit Business.
However, there has been a lot conflicting press, particularly when it comes to recent sales. Karen Kage, President of Realcomp, our local and Michigan's largest Multiple Listing Service, clarified the reason for this in a recent Detroit Free Press article saying the MLS data … (3 comments)
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market report: Increased Sales But Half Are Foreclosures - 06/28/08 05:46 PM
Realcomp, our local and Michigan's largest Multiple Listing Service, released the latest sales figures recently indicating a 12.7% year to date increase in sales over last year for the entire MLS. Although the number of homes on the market has declined an average of 7%, more the half the homes sold in May were foreclosures. The good news is that Michigan has dropped to 5th in the nation in foreclosures, many homes are now priced to sell, and interest rates are still at historic low levels.
A particularly good bargain right now are HUD homes. They are currently offering buyer … (0 comments)
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market report: Metro Market Perking Up - 05/23/08 10:14 PM
Earlier this month Realcomp, Michigan's largest Multiple Listing Service, released the latest sales figures showing promising signs for our housing market. For the fourth straight month this year, sales increased by 10.84% over the same period last year. Additionally, properties currently under contract show the trend is continuing.While prices have declined and the credit crunch is still affecting mortgage options, interest rates remain low and well priced properties are selling. This is welcome news, and bodes well for this year's selling season!If you know someone who has been thinking about taking the homeownership, now is the time. There are lots of really … (1 comments)
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market report: February Posts Increased Home Sales - 03/12/08 11:13 PM
Did you see the headlines in the Business section of the Detroit Free Press this morning?
Feb. home sales leap 12.8%
Citing statistics from Realcomp, our local real estate MLS, 3,591 homes and condos in the Detroit Metro area were sold in February 2008 versus 3,184 in February 2007.
President Karen Kage acknowledged with prices being "down as much as 15% in some areas and interest rates stabilizing, buyers are beginning to step forward."
On the local front (according to my rough estimate), sales of homes & condos in Northville were up 26% to 24 from 19 over February 2007 while in … (1 comments)
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Debra Drummond | MichiganMoves Real Estate in SE Michigan
Plymouth,
MI
More about me…
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Address: 15720 Farmington Road, Livonia, MI, 48154
Cell Phone: (248) 974-6210
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