These figures have been reported by out Multi-List System (MLS), RealComp, and are for residential units (homes and condominiums) in Livingston County through October 2007:

 Total Listings
            2007                  2006              Difference                                      Result                             
            7414                  7218              + 2.7%                              More Homes On The Market

Number of Sales
            2007                  2006             Difference
            1462                  1689             - 13.4%                             Fewer Homes Are Selling

Median Sale Price
            2007                  2006              Difference
        $200,694           $218,300           - 8.1%                              And They're Selling For Less

Avg Days on the Market (Time to Sell)
           2007                   2006              Difference
           148.4                  137.5             - 7.9%                              And Taking Longer To Sell

More foreclosures and short sale homes are coming onto the market every day, but this type of home is not for everyone.

If you are looking for a 'move-in' condition home, your biggest problem will be the sheer volume of homes from which to choose. Once you get a good idea of true market value, know that a larger or newer home for that same price is either a short sale or foreclosure property and you will be trading off price for some degree of work or improvements needed before you'll move in.

Lending rules are tightening up, too.  Except for FHA programs, 100% financing is pretty much gone.  You need to work with an experienced lender now, more than ever.  Gone, too, are the days when your next door neighbor or cousin could help you originate a loan as a second job.  Lender guidelines are changing almost daily and you need a loan officer that is in the field every single day.

Sellers, the median home sale price has dropped 8.1% and the average sales price has dropped 8.7% when comparing October 2007 Year-to-date (YTD) against October 2006 YTD.  Buyers don't care what you owe or what you need from proceeds.  If you absolutely don't need to sell, wait it out, but be prepared to see prices fall more before they start to stabilize.  If you do need to sell, make sure you work with an agent with innovative marketing methods to get your home noticed. Even then, don't count on a quick sale unless you have enough equity to really slash the price.